UK-based Prax Overseas Holdings Limited wants to acquire a 77.42 percent stake in Shell Pakistan Limited (PSX: SHEL), manager to the offer AKD Securities Limited informed the Pakistan Stock Exchange on Monday.
“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.
A brief description of the intended acquisition is as follows:
| 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 reported last week that Saudi Aramco is considering a potential bid for the assets of Shell Plc in Pakistan.
Earlier in June, Shell Petroleum Company Limited (SPCo) revealed its intention to sell its stake in SHEL. In a meeting held on June 14, 2023, SPCo notified its intent to sell its shareholding (77% of local operations) in its Pakistani business.
Shell started considering exiting its home energy retail businesses in the United Kingdom, the Netherlands, and Germany in January due to difficult market conditions caused by EU authorities who have been seeking to protect customers from rising energy bills. This most likely pushed Shell to cut costs in other stations, with Pakistan being one of the many reported channels that the company decided to quit.
At the time of filing, SHEL’s scrip at the bourse was Rs. 163.7, up 2.67 percent or Rs. 4.26 with a turnover of 5,367,710 shares on Monday.
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