PRL and Air Link Withdraw Intent to Acquire 77.42% Shares and Control of Shell Pakistan
By
April 4, 2024
Pakistan Refinery Limited (PRL) and Air Link Communication Limited (Air Link) have decided not to pursue their plan to buy a big part of Shell Pakistan Limited. They shared this news separately with the Pakistan Stock Exchange on Wednesday.
The plan to buy Shell Pakistan Limited, which started in July 2023, aimed to get 77.42% of its shares and control. But things didn’t work out in talks with the seller, so they decided to withdraw their offer.
The Public Announcement of Intention (PAI) was made by Next Capital Limited, who managed the offer for PRL and Air Link. They told the Pakistan Stock Exchange about it on July 17, 2023.
Initially, PRL and Air Link wanted to buy 77.42% of Shell Pakistan Limited’s shares through an agreement and another 11.29% through a public offer, making it a total of 88.71%.
Shell Pakistan Limited’s parent company, Shell Petroleum Company Limited (SPCo), planned to sell its shareholding in SPL. Despite this, Shell Pakistan Limited assured that its business operations would remain unchanged.
This decision brings an end to PRL and Air Link’s bid to acquire Shell Pakistan Limited. Shell Pakistan Limited is a part of Royal Dutch Shell Plc, one of the world’s largest energy companies. They sell petroleum products and compressed natural gas, and also make and sell different types of lubricating oils.
PRL operates as one of Pakistan’s five refineries, producing and selling petroleum products. Air Link Communication is a major smartphone distributor, manufacturer, and retailer with a nationwide presence.
