ISLAMABAD: Saudi group Asyad Holding, via UAE-based Wafi Energy Holding Limited, has acquired a 77.42% stake and control of Shell Pakistan Limited, according to the Competition Commission of Pakistan (CCP).
The Competition Commission of Pakistan (CCP) has greenlit the acquisition under Section 11 of the Competition Act, 2010, cementing the deal aimed at bolstering Pakistan’s retail oil sector, as per a press statement.
Shell Pakistan Limited, listed on the Pakistan Stock Exchange, has a significant business presence in the retail supply of motor fuels and lubricants throughout Pakistan.
Wafi Energy LLC, a wholly-owned subsidiary of Asyad Holding Group, specializes in managing and operating fuel stations in Saudi Arabia. The Group has established Wafi Energy Holding Limited to expand its investment activities in Pakistan.
The CCP’s Phase I competition assessment identified ‘Retail Fuel, Vehicle Lubricants, and Industrial Lubricants’ as the relevant product markets.
It was also revealed that Shell Pakistan holds distinct shares in all three relevant markets, which will remain unchanged post-transaction.
The analysis further confirmed that Wafi Energy Holding Limited will not gain a dominant position in the relevant markets even after acquiring direct control of Shell Pakistan.
Therefore, the CCP has promptly authorized the acquisition under Section 31 of the Competition Act, 2010.
