Karachi: WAFI Energy LLC Saudi Arabia is eyeing 77.42 percent shares and control of Shell Pakistan Limited (SHEL). Shell Pakistan announced development in its notice to Pakistan Stock Exchange.

“It is hereby informed that Shell Pakistan Limited has received firm intention from WAFI Energy LLC to acquire control of 165,700,304 (up to 77.42 percent) voting shares of Target Company beyond thresholds prescribed under Section 111 of Act,” read notice.

As per notice, WAFI Energy LLC is fast-growing retail gas station network and sole licensee of Shell Retail Network (gas stations) in Saudi Arabia. In separate notice, brokerage house Arif Habib Limited said it has been appointed manager to WAFI Energy’s offer and submitted public announcement of intention to acquire up to 77.42 percent shares of Shell Pakistan.

Published in The Daily National Courier, November, 01 2023

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