KARACHI, May 4 JS Private Equity Fund I LLC, through its nominee, intends to bid for the acquisition of 15.4 million shares in Shell Gas LPG (Pakistan) Limited, the manager to the Offer IGI Investment Bank said on Tuesday.
The stock at stake, represents approximately 67.91 per cent of the issued share capital of Shell Gas LPG (Pakistan) Limited—the target company. Those are owned by The Shell Petroleum Company Limited, which has invited a number of interested parties to a competitive bidding process, by which to sell its stake in the LPG company.
Public Announcement of Intention (PAI) would be published by the manager to the offer on May 7.
JS Private Equity Fund I LLC maintains registered office in Ebene, Mauritius. Aside from the directors, major shareholders in the equity fund include CDC Group plc; JSPE Investments Limited; Asian Development Bank and International Finance Corporation (IFC). Shell Gas LPG—a company in the business of marketing LPG has its registered office at adjacent to Pakistan Refinery Limited, Korangi Creek, Karachi. Share capital of the target company at Dec 31, 2009, stood at 22.6 million shares.
The Manager to the Offer stated that JS Private Equity Fund I LLC through its nominee, while intending to enter into a share purchase agreement with Shell Petroleum Company Limited (a company incorporated in the UK) for acquisition of 67.91 per cent of Shell Gas LPG (Pakistan) stock, would make a public offer for at least 3.6 million shares, representing 16.05 per cent outstanding shares in the target company.
IGI Investment Bank also pointed out that JS Private Equity Fund was one of the parties who had been invited by Shell Petroleum Company Limited, through an advisor, to bid for the acquisition of the Shell Petroleum Company Limited's shares in Shell Gas LPG (Pakistan) Limited and only the successful bidder may enter into a share purchase agreement with the Shell Petroleum Company Limited to acquire such shares.
