Announcement

Acquisition of 77.42% of Shell Pakistan Limited shares

Wednesday November 1^st, 2023

Wafi Energy has, through a Share Purchase Agreement (SPA), successfully bought a majority stake in Shell Pakistan Limited (“SPL”) from Shell Petroleum Company Limited [a subsidiary of Shell PLC]. SPL had a presence in Pakistan for the last 75 years, boasting a substantial retail footprint and a strong lubricants business (more details about SPL can be found on SPL’s website: shell.pk.com).

This is a momentous day for us at Wafi Energy and one that adds to a substantial expansion of our energy business as shell licensee, maintaining our a highly competitive spirit and increasing our global presence. With this strategic acquisition, Wafi Energy will be venturing into Pakistan which offers a huge potential growth towards building a global Shell branded energy portfolio.

Additionally, Shell PLC is known for its strong Technical & Operations expertise, Marketing & Financial Systems, best in class Talent and value creation is also a key motivator in making this strategic decision.

With this acquisition, we wish to assure SPL management, employees, customers, business partners, suppliers, communities, and all stakeholders that Wafi Energy will work hard to better position the company with stronger business plans for expanding its business with much more investments opportunities to strongly support growth.

We plan to quickly integrate SPL within the next few months completing the acquisition transaction by Q4 2024 or thereabouts. We assure all stakeholders that with SPL strong and committed Management team in place, this will be a seamless transition and no management changes are anticipated.

Continuity of business is very important for all of us, and this undertaking will ensure that SPL operations will continue unhindered.

We have completed the initial regulatory requirements as specified by law, Pakistan Stock Exchange and Securities as well as Exchange Commission of Pakistan have been notified. The respective Boards of SPL and Wafi Energy have also approved this acquisition. Other modalities and operational details are being worked out by the respective teams and as more information becomes available, we will keep you updated on these developments.

You can learn more about the acquisition via Press Releases and news services, as well as through social media.