Pakistan Refinery Limited is ready to buy shares of Airlink Shell Pakistan.
Pakistan Refinery Ltd and Airlink Communications are looking to buy stakes in Shell Pakistan, a stock filing revealed on Monday.
Shell Petroleum Co. announced its exit from Pakistan with the sale of its 77 percent shareholding in the local business, following several announcements by Shell about its global operations citing economic challenges within Pakistan.
Next Capital said, “We, Next Capital Limited, hereby acquire 77.42% shares and control of Shell Pakistan Limited through Pakistan Refinery Limited and Airlink Communications Limited (collectively referred to as the “Acquirer”). Submit a public declaration of intent.” Next Capital, which is managing the offer on behalf of the two companies, in a notice to the Pakistan Stock Exchange (PSX).
“This is a joint venture between PRL and Airlink. Details of the shareholding between Airlink and PRL will be revealed later,” Airlink CEO Muzaffar Hayat Paracha told Reuters.
Entry into the petroleum business is in line with Airlink’s diversification goal, Pepper said. Airlink is a smartphone distributor, manufacturer and retailer.
PRL is one of the five refineries operating in Pakistan and is a subsidiary of Pakistan State Oil Company Limited. PRL did not immediately respond to a request for comment.
Shell Pakistan faced significant losses in 2022 due to exchange rates, depreciation of the Pakistani rupee, and the country’s ongoing financial crisis and economic slowdown.