Karachi: In a significant move in the Pakistan energy sector, WAFI Energy Holding Limited has successfully acquired an additional 24,162,179 ordinary shares of Shell Pakistan Limited, increasing their total holdings to 77.42% of the company’s issued and paid-up share capital. This acquisition, valued at PKR 155.11 per share, culminates the public offer process initiated on October 31, 2023, and was completed with the shares purchased on the open market through the Pakistan Stock Exchange (PSX).

According to information available from the Pakistan Stock Exchange (PSX), the transaction was conducted in strict adherence to the Securities Act of 2015 and the regulations governing substantial acquisitions and takeovers. The public offer attracted a significant number of shareholders, resulting in the tender of 22,165,837 shares, aligning perfectly with the offer size.

This strategic acquisition was initially announced with intentions to consolidate control over Shell Pakistan, aiming to synergize operations and enhance market efficiencies. The managerial oversight by Arif Habib Limited, acting as the Manager to the Offer, has ensured compliance with all procedural requisites stipulated under the Takeover Laws. The offer price was set at the highest quoted price during the 28 days preceding the public announcement, reflecting a premium on the market value and demonstrating the acquirer’s commitment to securing a significant stake.

The closing of the acquisition marks a pivotal phase for WAFI Energy as they expand their footprint in the regional energy market. With this move, WAFI Energy projects an increase in operational capacity and market reach, indicating potential positive shifts in market dynamics and investor interests within the energy sector in Pakistan.