PRL plans to buy Shell operations | The Express Tribune
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KARACHI: Pakistan Refinery Limited (PRL), which is controlled by state-owned Pakistan State Oil (PSO), and a leading smartphone distributor have jointly expressed the intension to acquire Shell Pakistan with management control, according to a bourse filing on Monday. The lead to the offer, Next Capital, said in a public announcement at the Pakistan Stock Exchange (PSX) that PRL and Air Link Communication had collectively expressed the intention to acquire 77.42% shares and control of Dutch oil marketing company Shell Pakistan. The acquisition proposal is, however, against the intension of the Dutch firm, which has put itself on sale. Earlier, it announced that it would welcome acquisition proposals from foreign firms apparently in a bid to avoid hurdles in the way of dispatching sales proceeds to its headquarters. Over the past one year, the foreign businesses operating in Pakistan have largely been unable to send earnings to their headquarters abroad owing to Pakista...