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 The acquirers have withdrawn the intention to acquire a controlling interest in Shell Pakistan Limited.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:
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.
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