KARACHI July 26, 2024: As per the notice shared on the Pakistan Stock Exchange, Wafi Energy Holding has bought 77.42 percent shares of shell Pakistan for USD 70 million.
Wafi Energy entered into a share purchase agreement on October 31, 2023 with the Sell Petroleum Company Limited for the purchase of 165,700,304 ordinary shares of the Shell Pakistan at price of PKR 118 per ordinary share. Wafi Energy is offering to purchase additional voting shares of up to 24,162,179 ordinary shares which is 11.29 percent of the total issued share capital of Shell Pakistan by the way of public offer. The acquirer is offering to purchase the additional voting shares at an offer price of PKR 155.11 per share.
In relation to the offer price to be offered to the public under regulation 13, since the shares of Shell Pakistan are frequently traded, the criteria for the determining the price of the shares to be to the public is the highest amongst prices stated under Regulation 13. The prices are as follows;
- SPA Price = PKR 118.00 per ordinary share
- Highest price paid by the Acquirer of the target company during six months prior to the date of public announcement of offer = Not Applicable
- The Weighted average price of target company as quoted on the stock exchange during the last 180 days preceding to the date of announcement of public offer = PKR 149.49 per ordinary share
- The Weighted average price of target company as quoted on the stock exchange during 28 days preceding to the date of announcement of intention = PKR 155.11 per ordinary share
Based on the above, the public offer is being made at PKR 155.11 per ordinary share
Wafi Energy Company (Wafi), an established Saudi energy firm, specializes in managing and operating fuel stations across Saudi Arabia. It is a wholly-owned subsidiary of Asyad Holding Group.
In 2022, Wafi Energy Company LLC and Shell Brands International AG (Shell) signed an agreement, making Wafi the exclusive representative of the Shell brand for fuel stations in Saudi Arabia. As a result, Shell products and services will be offered by Wafi Energy Company LLC, a licensed Shell brand operator.
