A deal has been inked by Shell Petroleum Company Limited to sell Wafi Energy LLC, a Saudi company, its 77.42% majority shares in Shell Pakistan Limited (SPL).
According to a statement from Shell, the sale was initially revealed on Capital Markets Day in June 2023 and is a component of the company’s plan to upgrade its mobility network.
“The transaction is anticipated to close in Q4 2024, pending regulatory clearances. Following completion, consumers will still be able to purchase Shell’s premium gasoline and lubricant portfolio, and the Shell brand will be maintained in Pakistan through brand licensing agreements, according to the official statement.
In a letter dated October 31, Shell Petroleum Company Limited (SPCo) stated that it had entered into a share purchase agreement with Wafi Enregy LLC (Wafi Energy) dated October 31, 2023, for the sale of SPCo’s entire shareholding in SPL, which consists of 165,700,304 shares and represents 77.42 percent of SPL’s issued share capital.
SPL has a presence in Pakistan with over 600 mobility sites, 10 fuel terminals, a lubricating oil blending plant, and a 26% ownership stake in Pak-Arab Pipeline Company Limited. The company is listed on the Pakistan Stock Exchange (PSX:SHEL).
Wafi Energy LLC, a leading gasoline retailer in the nation of Saudi Arabia, is a wholly-owned subsidiary of Asyad Holding Group. Last year, the company signed a license to run mobility sites across the nation under the Shell brand.
Arif Habib Limited in Pakistan has been enlisted by the Saudi company to oversee its takeover deal.
