OPI Gas (Pvt) Limited has formally acquired Shell Petroleum Company's majority stake of 67.91 percent in Shell Gas LPG Pakistan Limited. According to a press release issued here on Tuesday, the share transfer was made officially in the board meeting of Shell Gas LPG Pakistan, which was held at Hashoo Group, Karachi office.
The transfer has taken place after completing all regulatory and corporate approvals, including a public offer under the Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Ordinance 2002 and Regulations made thereunder. "We are extremely pleased to have completed this transaction," said Khalid Mumtaz Malik, Chief Executive of OPI Gas. "Through this acquisition, we have increased our footprint in the LPG marketing business in Pakistan. Given the rising demand for LPG in the country, we are confident that this acquisition will help maximise value for shareholders. Going forward, we will be a stronger company with excellent growth prospects.
For OPI Gas, acquisition of Shell Gas LPG Pakistan was the perfect choice for horizontal integration. We believe that Shell Gas LPG Pakistan has in place a high quality team of professionals, with a rich experience of working in Pakistan's LPG marketing industry. This will allow OPI Gas to maximise synergies from this acquisition". The Share Purchase Agreement between OPI Gas and Shell Petroleum Company was signed on June 16, 2010, after a bidding process from which OPI Gas emerged successful.-PR
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