Saudi group acquires 77.42pc shares in Shell Pakistan Ltd
- By Web Desk -
- Jul 08, 2024
Saudi Arabia’s business group, Asyad Holding Group, has acquired 77.42pc of the shareholdings and control of Shell Pakistan Limited, as stated by the Competition Commission of Pakistan (CCP).
In 2023, Board of Directors of Shell Pakistan Limited (SPL) held a meeting with its parent firm Shell Petroleum Company Limited (SPCo) where it was announced their intent to sell its shareholding in SPL.
The shares were acquired by Saudi group through Wafi Energy Holding Limited, a United Arab Emirates (UAE) based firm.
“The Competition Commission of Pakistan has approved the acquisition under the Competition Act, 2010, thus solidifying the said transaction to boost the retail oil sector in Pakistan,” according to the CCP handout.
Read More: Shell Petroleum to sell its stake in Shell Pakistan
M/s Shell Pakistan Limited, listed on the Pakistan Stock Exchange, maintains a substantial business footprint in the retail supply of motor fuels and lubricants across the country.
Whereas M/s Wafi Energy LLC is a wholly-owned affiliate of Asyad Holding Group which specialises in the management and operation of fuel stations in Saudi Arabia, the release said.
Shell Pakistan’s operations include more than 600 mobility sites, 10 fuel terminals, a lubricant oil blending plant and a 26% shareholding in Pak-Arab Pipeline Company Limited.