The manager of the offer, AKD Securities Limited, informed the Pakistan Stock Exchange on Monday that UK-based Prax Overseas Holdings Limited wishes to acquire a 77.42 percent stake in Shell Pakistan Limited (PSX: SHEL).
“On behalf of the acquirer, we are pleased to submit a Public Announcement of Intention to acquire up to 77.42% of the issued and paid-up share capital and control of Shell Pakistan Limited (“Target Company”),” the stock filing stated.
The following is a brief description of the intended acquisition:
| Intended acquisition through | Number of shares | Percentage |
| Agreement(s) | 165,700,304 | 77.42% |
| Public offer | 24,162,179 | 11.29% |
This comes after it was revealed last week that Saudi Aramco is considering a bid for Shell Plc’s assets in Pakistan.
Shell Petroleum Company Limited (SPCo) announced its intention to sell its stake in SHEL earlier this month.
SPCo announced its intention to sell its shareholding (77% of local operations) in its Pakistani business at a meeting on June 14, 2023.
Shell began thinking about exiting its home energy retail businesses in the United Kingdom, the Netherlands, and Germany in January due to difficult market conditions exacerbated by EU authorities seeking to protect customers from rising energy bills.
This most likely prompted Shell to cut costs in other stations, with Pakistan being one of many reported channels that the company decided to discontinue.
SHEL’s stock was trading at Rs. 163.7 at the time of filing, up 2.67 percent or Rs. 4.26 on Monday, with a turnover of 5,367,710 shares.
To read our blog on “Shell petroleum likely to dump its stakes in Shell Pakistan,” click here
