- PRL interested in buying stake in Air Link Shell Pakistan.
- Tell PSX about its intention to acquire 77.42% shares.
- Shell Petroleum had announced its exit from Pakistan last month.
Pakistan Refinery Ltd and Air Link Communications are looking 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% stake in the local business after making several announcements about its global operations, besides citing economic challenges within Pakistan.
Next Capital said, “We, Next Capital Limited, have made a public offer of intent by Pakistan Refinery Limited and Air Link Communication Limited (collectively referred to as the “Acquirer”) to acquire 77.42% shares and control of Shell Pakistan Limited. Presents the announcement.” Which is said in a notice to the Pakistan Stock Exchange (PSX), which is managing the offer on behalf of both the companies.
“This is a joint venture between PRL and Airlink. Details of the shareholding between Airlink and PRL will be disclosed later,” Airlink CEO Muzaffar Hayat Piracha told Reuters.
Piracha said, entering the petroleum business is in line with Airlink’s goal of diversification. Airlink is a smartphone distributor, manufacturer and retailer.
PRL is one of five refineries operating in Pakistan and is a subsidiary of the Pakistan State Oil Company Limited. PRL did not immediately respond to a request for comment.
Shell Pakistan made losses in 2022 due to exchange rates, devaluation of the Pakistani rupee and overdue receivables amid the country’s ongoing financial crisis and economic slowdown.