Karachi October 16 2023: Prax Overseas Holdings Limited, a UK Based firm with gross assets of $2.3 Billion, has submitted a public Announcement of Intention to Acquire up to 77.42 percent of the Shell Pakistan Limited, according to company filing to the exchange.
Prax Overseas Holdings Limited is an investment company and it is part of the Prax Group. Headquartered in London, the Prax Group is a British multinational, independent global energy conglomerate dealing in crude oil, petroleum products and bio-fuels, with a complete integration across the oil value chain, from upstream to downstream.
Prax will purchase 77.42 percent stake from Shell Petroleum Company Limited, United Kingdom and make public offer of 11.29 percent stake in Shell Pakistan Limited.
The public announcement of intention to acquire voting shares/control of the “Shell Pakistan Limited” is subject to obtaining the requisite regulatory approvals including clearance of fit and proper criteria from any regulatory authority, if applicable. The public announcement of intention may be withdrawn, if the requisite approvals are not granted by the concerned regulatory authority(ies).
Shell Pakistan Limited is a limited liability Company incorporated in Pakistan. The Company is a subsidiary of Shell Petroleum Company Limited, United Kingdom which is a subsidiary of Royal Dutch Shell Plc. The Company markets petroleum products and compressed natural gas. It also blends and markets various kinds of lubricating oils.