Karachi: Arif Habib Limited, acting as manager for Wafi Energy Holding Limited, has publicly announced an offer to acquire 24,162,479 ordinary shares of Shell Pakistan Limited, which constitutes 11.29% of its issued share capital. The offer follows regulatory provisions under the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

According to information available from the Pakistan Stock Exchange (PSX), this public announcement is part of a series of communications regarding the acquisition, which initially aimed to acquire up to 165,700,304 shares. The intention was first declared on October 31, 2023, and an addendum was published on April 5, 2024, noting a significant change. The addendum outlined a shift in the capital ownership structure of the original acquirer, Wafi Energy LLC, leading to its replacement by Wafi Energy Holding Limited, a new foreign entity. This entity, along with Asyad Holding acting in concert, intends to acquire up to 77.42% of the target company.

The most recent announcement is scheduled for publication in the Business Recorder and Nawa-i-Waqt newspapers on July 27, 2024, ensuring compliance with the takeover regulations. The offer document, along with all necessary supporting documents as required under Section 7 (5) of the regulations, has been dispatched to the respective offices.

The acquisition process highlights the strategic maneuvers within the energy sector, reflecting significant shifts in shareholding and investment in one of Pakistan's well-known energy companies.