Shell has concluded its exit from the Pakistan LPG business by transferring 15,374,545 shares, or the 67.91% stake, that it held in Shell Gas LPG (Pakistan) to privately-owned LPG retailer OPI Gas, Next Capital, the Manager to the offer said, in a statement to the Karachi Stock Exchange Monday.
OPI Gas paid Pakistan Rupee 506 million ($5.92 million), or Rupee 32.91/share, to acquire the oil major's stake. Platts reported June 18 that Shell would exit the LPG business in Pakistan by selling its 67.91% stake in Shell Gas LPG to OPI Gas. Further, Platts reported August 13 that OPI Gas has offered to acquire an additional 3,632,750 shares, or another 16.05%, in Shell Gas LPG.
"The additional stake will provide access to an enhanced quota from LPG producers, and allow the company to benefit from economies of scale," OPI Gas said then.
OPI Gas will pay Pakistan Rupee 119.56 million ($1.4 million), or Rupee 32.91/share, to lift its stake in Shell Gas LPG to 83.96%.
Shell Gas LPG is dual-listed on the Karachi and Lahore Stock Exchanges. The 32.09% of the stake that was not held by Shell is held by state-owned financial institutions and individual investors.
OPI Gas, which has two LPG storage and filling facilities in the country, is estimated to sell 2,500 mt/month of the product to retail customers.
OPI Gas paid Pakistan Rupee 506 million ($5.92 million), or Rupee 32.91/share, to acquire the oil major's stake. Platts reported June 18 that Shell would exit the LPG business in Pakistan by selling its 67.91% stake in Shell Gas LPG to OPI Gas. Further, Platts reported August 13 that OPI Gas has offered to acquire an additional 3,632,750 shares, or another 16.05%, in Shell Gas LPG.
"The additional stake will provide access to an enhanced quota from LPG producers, and allow the company to benefit from economies of scale," OPI Gas said then.
OPI Gas will pay Pakistan Rupee 119.56 million ($1.4 million), or Rupee 32.91/share, to lift its stake in Shell Gas LPG to 83.96%.
Shell Gas LPG is dual-listed on the Karachi and Lahore Stock Exchanges. The 32.09% of the stake that was not held by Shell is held by state-owned financial institutions and individual investors.
OPI Gas, which has two LPG storage and filling facilities in the country, is estimated to sell 2,500 mt/month of the product to retail customers.
