In its filing to the stock exchange, the oil firm stated, “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.”
SPL clarified that the sale process would follow a targeted approach, requiring the execution of binding documentation and obtaining the necessary regulatory approvals. The company emphasized that this development would not affect its ongoing business operations, which will continue without interruption.
“SPL remains committed to continuing to deliver safe and reliable operations for our customers and partners,” the company added.
It should be noted that Shell Petroleum Company Limited, based in the United Kingdom, operates as a subsidiary of Royal Dutch Shell Plc, a prominent global energy and petrochemical corporation.
A spokesperson for SPL highlighted that the company has a substantial presence in Pakistan, having served the country for 75 years. It boasts an extensive retail footprint and a robust lubricants business. The spokesperson reiterated that any sale would be subject to a targeted sales process, the execution of binding documentation, and the necessary regulatory approvals. The statement also mentioned that Shell has received significant interest from international buyers.
With a workforce of over 350 employees, SPL engages in the marketing of petroleum products, compressed natural gas, and various lubricating oils.
In the previous month, Shell Pakistan Limited reported its financial performance for the first quarter of 2023, which was significantly impacted by the ongoing economic crisis in the country. The company incurred losses due to the unprecedented devaluation of the rupee, rising inflation, and macroeconomic uncertainty.
Shortly after the announcement, at approximately 2:08 pm, Shell Pakistan’s share price witnessed an increase, reaching Rs89.17, up by Rs6.22, with a trading volume of over four million shares.
(Islamabad51-Newsdesk)