Power Gas shows interest in Shell Gas LPG

KARACHI: Power Gas (Pvt) Limited showed interest in buying 68 per cent shares of Shell Gas LPG on Wednesday.

Power Gas (Private) Limited intends to buy 15.4 million shares of Shell Gas LPG (Pakistan) Limited, according to a notice sent to the Karachi Stock Exchange on Wednesday. A three-horse race has just started as apart from Power Gas, Jamshoro Joint Venture Limited and JS Private Equity Fund have expressed interest in acquiring Shell.

Shell Gas is an LPG marketing company with its registered office adjacent to Pakistan Refinery Limited, Korangi Creek, Karachi. Stock price of Shell Gas dropped Rs2.82 to Rs53.94 in Wednesday’s trading on KSE despite the news. However, the stock price has climbed 18.5 per cent this month. Shell Petroleum Company Limited had recently invited some parties to bid for the acquisition of shares in Shell Gas LPG (Pakistan) Limited.

Published in the Express Tribune, May 13th, 2010.