LAHORE MIRROR — Pakistan Refinery Limited and Air Link Communication are seeking to buy a stake in Shell Pakistan, it emerged in a stock filing on Monday.
Shell Petroleum Company announced its exit from Pakistan with the sale of its 77% shareholding in the local business after Shell made several announcements about its global operations, in addition to citing economic challenges within 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, which is managing the offer on behalf of the two companies, in a notice to the Pakistan Stocks Exchange (PSX).
“It’s a joint venture between PRL and Airlink. The details of shareholding between Airlink and PRL will be disclosed later,” Airlink CEO Muzzaffar Hayat Piracha told Reuters.
Entering the petroleum business is in line with Airlink’s goal of diversifying, Piracha 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 suffered losses in 2022 due to exchange rates, devaluation of the Pakistani rupee and overdue receivables amid the country’s on ongoing financial crisis and an economic slowdown.
SOURCE: REUTERS
