PRL and AIRLINK withdraw intention to acquire SHEL

In a notification sent to PSX on 03/04/2024, Pakistan Refinery Limited (PRL) and Air Link Communication Limited (AIRLINK) have decided not to go ahead with their plan to buy a big chunk of shares of Shell Pakistan Limited (SHEL).

The negotiations with Shell Pakistan Limited didn’t work out, PRL and AIRLINK are now backing out of their plan to acquire 77.42% of Shell Pakistan Limited’s shares. The acquirers have withdrawn the intention to acquire a controlling interest in Shell Pakistan Limited.

The notification sent to the PSX said:

📢 Announcement: We're Moving to Discord – Join Us There! 

Hi everyone! 👋

To improve your experience and offer additional features, we’re moving our community from WhatsApp to Discord!

Here’s what you’ll get on Discord:

✅ Research Reports Channel – Access a regularly updated compilation of valuable research reports
✅ PSX24/7 Bot – Ask anything about the PSX and get instant insights powered by KSEStocks historical data
✅ Organized Channels – Separate spaces for discussions, news, reports, and more
✅ Better Notifications – Control what you see and when
✅ Smoother Interaction – Easier to follow and participate in conversations
✅ Organized trading ideas - trading ideas that you can discuss and keep track of

Join now 👉 https://discord.gg/kST9hWjS

However, negotiations with the seller could not materialize, therefore, the Acquirers hereby withdraw the intention to acquire 77.42% shares and control of Shell Pakistan Limited under Regulation 21(1)(b) of the Listed Companies

The shares of PRL and AIRLINK were trading at Rs. 26.15 and Rs. 61.80 respectively.

⚠️ This post reflects the author’s personal opinion and is for informational purposes only. It does not constitute financial advice. Investing involves risk and should be done independently. Read full disclaimer →

Don't miss:

• Which cars are driving the rally in auto stocks?
• Is DGKC going to Rs. 240?
• Why TPLP could go higher.