ISLAMABAD: In light of a restructuring in the capital ownership of WAFI Energy LLC, a new foreign entity named Wafi Energy Holding Limited will now assume the role of acquiring 77.42% shares of Shell Pakistan Limited, with Asyad Holding acting in concert.
Arif Habib Limited, the offer manager, disclosed this development in its latest filing on Pakistan Stock Exchange today.
Consequently, AHL has submitted an addendum on behalf of Wafi Energy Holding Limited for the acquisition of the company.
This development follows WAFI Energy LLC’s public announcement on October 31, 2023, expressing its intention to acquire up to 77.42% shares of Shell Pakistan.
Meanwhile, in a high-level meeting, Prime Minister Shehbaz Sharif held comprehensive discussions with a Saudi delegation to explore potential areas of collaboration that can reinforce bilateral ties and promote mutual interests.
During their visit to Pakistan, a delegation from the Saudi Fund for Development (SFD), headed by Sultan Bin Abdul Rehman Al Marshad, CEO of SFD, participated in a fruitful meeting with the Prime Minister.
The discussions centered on the progress of numerous collaborative projects, underscoring the deep cooperation and mutual dedication to socio-economic advancement between the two countries.
Expressing profound gratitude for the enduring and brotherly bond between Saudi Arabia and Pakistan, Prime Minister Sharif lauded the pivotal role played by the SFD in financing critical sectors such as healthcare, energy, infrastructure, education, and disaster relief.
In response, the CEO of SFD conveyed heartfelt appreciation to the Prime Minister and the Pakistani government for their warm reception and hospitality, while also acknowledging the honor of receiving the prestigious National Civil Award, Hilal-e-Quaid-e-Azam.
A significant highlight of the discussion was the signing of financial agreements amounting to $107 million for the construction of hydropower stations in AJK earlier that day, underscoring both countries’ commitment to sustainable energy solutions and environmental conservation.
PM Shehbaz Sharif reiterated the strategic significance of these projects, not only in ensuring a clean energy supply but also in mitigating environmental degradation and fostering socio-economic development in the region.
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