Sunday, March 3, 2024
spot_img
HomeAutoShell Petroleum Company to sell their stakes in Shell Pakistan Limited

Shell Petroleum Company to sell their stakes in Shell Pakistan Limited

Shell Pakistan Limited (SPL) said on Wednesday that the parent company Shell Petroleum Company – which owns 77 per cent shares in the local entity – would be exiting the country, without explaining how much shareholding would be disposed of.

The move comes as the company suffered significant losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee and overdue receivables.

According to a notice shared with the Pakistan Stock Exchange and a press release issued by the SPL, the parent company has informed its Board of Directors held Wednesday about the intent to sell shareholding in the subsidiary.

However, it explained that “the announcement does not impact SPL’s current business operations, which continue,” and expressed the commitment to continue delivering safe and reliable operations for customers and partners.

Any sale would be subject to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals, it said. “Shell is seeing strong interest from international buyers.”

The SPL is a subsidiary of the UK-based Shell Petroleum, which in turn is owned by Royal Dutch Shell Plc – one of the world’s largest energy and petrochemical companies.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Most Popular

Recent Comments