KARACHI – Shell Petroleum Company announced selling its major stake in Shell Pakistan Limited, and after four months Saudi leading fuel station company WAFI Energy LLC expressed interest in taking control of Shell Pakistan Limited.
Brokerage house Arif Habib Ltd, on behalf of the Saudi oil giant, submitted a public announcement of Intention to acquire up to 77.42 percent shares of Shell Pakistan Limited.
A notice to the Pakistan Stock Exchange (PSX) said “It is hereby informed that Shell Pakistan Limited (SHEL) has received firm intention from WAFI Energy LLC to acquire control of 165,700,304 (up to 77.42%) voting shares of the target company, beyond the thresholds prescribed under Section 111 of the Act”.
It introduced WAFI Energy as fast-growing retail gas station network and sole licensee of Shell Retail Network (gas stations) in Kingdom.
The brokerage house said the Saudi company was incorporated more than a decade back with an authorised and paid-up capital of 3 million SAR.
In June this year, Shell Pakistan announced that its parent company notified its decision to sell its shareholding in the cash-strapped country. In a notice sent to Pakistan Stock Exchange, the oil company said “We hereby inform you that the Board of Directors of Shell Pakistan Limited (SPL), in a meeting of its Board, held on June 14, 2023, have been notified by The Shell Petroleum Company Limited (SPCo) of its intent to sell its shareholding in SPL.”
The oil giant mentioned that any sale will be subject to a targeted sales process, and the execution of binding documentation, and the receipt of applicable regulatory approvals.
Earlier, Pakistan Refinery Limited (PRL) and Air Link Communication also mulled to take control of Shell Pakistan Limited, whereas Saudi Aramco was also potential bidder for Shell assets in Asian nation
Shell Petroleum set to exit Pakistan amid deepening economic crisis
