Wafi Energy LLC executed a share purchase agreement to acquire 77.42% stake in Shell Pakistan Limited (KASE:SHEL) from The Shell Petroleum Company Limited on October 31, 2023. The transaction is subject to approval by regulatory board and consummation of open offer, and is approved by board of directors of Wafi Energy LLC and Shell Pakistan Limited. As per the transaction, Wafi Energy LLC completed the initial regulatory requirements.

The transaction is expected to close by Q4 2024. Arif Habib Limited (KASE:AHL) acted as financial advisor to Wafi Energy LLC.