PRL, Airlink eye to buy Shell Pakistan business
Pakistan Refinery Limited and Airlink Communication, are seeking to buy a stake in Shell Pakistan, the companies said in a notice to the stock exchange (PSX).
Shell Pakistan Ltd has 782 petrol pumps across the country on prime locations where thousands of people fill the petrol.
“It’s a joint venture between PRL and Airlink. The details of shareholding between Airlink and PRL disclosed later,” said Airlink CEO Muzzaffar Hayat Piracha.
Entering the petroleum business is in line with Airlink’s goal of diversifying, Piracha said. Airlink is first company to established smartphone manufacturing plant in Lahore and is also importers, leading distributor of handsets in the country.
Zahid Mir, PRL CEO and Managing Director said, “Airlink’s strength in management experience in representing global brands and access to capital make them ideal partners for this bid.”
Last month, Shell Petroleum Company announced its exit from Pakistan with the sale of its 77% shareholding in the local business as Shell made several announcements about its global operations, in addition to the 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 (NEXT.PSX), which is managing the offer on behalf of the two companies, in a notice to the PSX.
