Shell Pakistan
ISLAMABAD: Pakistan Refinery Ltd and Air Link Communication are keen to acquire a majority stake in Shell Pakistan.
“We, Next Capital Limited, hereby submit a Public Announcement of Intention by Pakistan Refinery Limited and Air Link Communication Limited (collectively referred to as the “Acquirers”) to acquire 77.42% shares and control of Shell Pakistan Limited,” said Next Capital in a notice sent to Pakistan Stock Exchange.
Next Capital is managing the offer on behalf of Pakistan Refinery Limited and Air Link Communication.
It is mandatory for the listed companies to inform the Pakistan Stock Exchange about their decision to buy or sell a company.
Crude oil stock is being increased after Pakistan Refinery and Air Link Communication decided to buy Shell Pakistan.
A few weeks ago, Shell Petroleum Company shocked the corporate world by announcing its decision to exit from Pakistan.
The company announced the sale of its 77% shareholding in the local business after Shell made several announcements about its global operations, including economic challenges within Pakistan.
Airlink Communication is a smartphone distributor, manufacturer, and retailer in Pakistan. It intends to venture into the oil business in Pakistan in collaboration with Pakistan Refinery Limited.
Pakistan Refinery is one of the five refineries operating in Pakistan. It is a subsidiary of Pakistan State Oil Company (PSO).
Notably, in the year 2022, Shell Pakistan reported huge losses because of exchange rate volatility, devaluation of PKR, and billions of receivables amid an ongoing financial crisis in Pakistan.
