Wafi Energy Completes 11.29% Stake Acquisition in Shell Pakistan
Wafi Energy Holding Limited has successfully acquired an 11.29% stake in Shell Pakistan Limited (SPL), as reported by Arif Habib Limited (AHL), the manager to the offer, in its final transaction report on Tuesday. The acquisition involved the purchase of 24.162 million shares, representing 11.29% of the total issued and paid-up share capital of SPL, at a price of Rs. 155.11 per share. This concludes a series of events confirming Wafi Energy’s fulfillment of all purchase obligations, as announced by AHL.
Timeline of the Acquisition Process
The process of acquiring the SPL shares began on October 31, 2023, when the Public Announcement of Intention for the transaction was published through AHL. An addendum to this announcement was later released on April 5, 2024, outlining further details of the transaction. This acquisition was carried out in accordance with the Securities Act 2015 and the Listed Companies Regulations, 2017, collectively known as the “Takeover Regulations.”
Public Offer and Share Acceptance
On July 25, 2024, Wafi Energy announced an offer to acquire 24.162 million shares. These shares represent 11.29% of SPL’s total issued capital. The share acceptance period ended on September 19, 2024. By that time, shareholders could tender their shares for acquisition.
Completion of Obligations Under the Takeover Regulations
Wafi Energy had to complete all formalities as required by the Takeover Regulations. This included sending payments to shareholders for the shares they tendered. The payments had to be made within 10 days after the share acceptance period ended. AHL, the manager to the offer, confirmed that Wafi Energy fulfilled all obligations. Payments have been successfully dispatched to the relevant shareholders.
Conclusion
Wafi Energy’s acquisition of an 11.29% stake in Shell Pakistan Limited has been smoothly executed in accordance with regulatory guidelines. With the completion of payments to shareholders, the transaction signifies a strategic investment in SPL, further strengthening Wafi Energy’s position in the energy sector.
