Islamabad: In a significant move within the energy sector, Saudi-based oil company Wafi Energy has conditionally advanced in its public offer to acquire shares of Shell Pakistan Limited following the expiration of the acceptance period last Thursday.

According to Zameen.Com, Arif Habib Limited, the managing firm of the offer, notified the Pakistan Stock Exchange (PSX) on Friday that the acceptance period for the public offer concluded on September 19, 2024. Although the number of shares tendered fell short of the public offer threshold of 24,162,179, it surpassed the minimum required for the conditional offer, totaling 16,913,525.

Wafi Energy initiated this public offer in July 2024 with the intention of acquiring up to 24,162,179 ordinary shares of Shell Pakistan Limited, representing approximately 11.29% of the company’s shareholding. The completion of this acquisition is poised to significantly alter the ownership structure of Shell Pakistan. The announcement confirms that all shareholders who tendered their shares within the period are deemed successful, pending the finalization of necessary formalities.