KARACHI: OPI 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 Tuesday.
Shell Gas seems to become a sought after asset as four companies are in the running for its purchase. Power Gas, Jamshoro Joint Venture Limited and JS Private Equity Fund have also expressed interest in acquiring Shell Gas LPG. OPI Gas is a liquefied petroleum gas marketing company which supplies the fuel in the country. Its registered office is in Islamabad. Shell Gas is an LPG marketing company with its registered office adjacent to Pakistan Refinery Limited, Korangi Creek, Karachi.
Shares of Shell Gas were down two per cent to Rs50.73 in Tuesday’s trading on the KSE. The stock has climbed 11.4 per cent this month. LPG is a highly demanded gas used in domestic, industrial, commercial and automobile sectors. Its demand is increasing as there are only 4.3 million households linked with natural gas pipelines out of the total 25 million households.
Shell Petroleum Company Limited had recently invited interested parties to bid for the acquisition of shares in Shell Gas LPG (Pakistan) Limited. The successful bidder will enter into a share purchase agreement with Shell Petroleum.
Published in the Express Tribune, May 26th, 2010.