Wafi Energy updates Shell PAI

KARACHI: Wafi Energy Holding Limited, a UAE-based company, has issued an addendum to the Public Announcement of Intention (PAI) to acquire up to 77.42 percent of the ordinary shares and control of Shell Pakistan Limited.

According to the information disclosed to the PSX on Thursday, the company had already issued a PAI on October 31, 2023, under the name of Wafi Energy LLC. However, its name has been changed to Wafi Energy Holding Limited.

Arif Habib Limited, the manager to the offer, informed that "due to a change in the capital ownership structure of the acquirer, a new foreign entity 'Wafi Energy Holding Limited' will replace Wafi Energy LLC as 'acquirer' for the acquisition of up to 77.42 percent of the shares of the target company, with Asyad Holding acting in concert."

The acquirer company, Wafi Energy Holding Ltd, is incorporated in the UAE and is directly owned by Osama Hussain Al Sayed, who is a national of Saudi Arabia.

It is pertinent to mention that the addendum was issued one day after the notification by Pakistan Refinery Limited (PRL) and Air Link Communication Limited (AIRLINK), that they were withdrawing from the acquisition of Shell Pakistan as their negotiations could not materialise.