Saudi group buys 77.42 per cent shares of Shell Pakistan

ISLAMABAD: Saudi group Essaad Holding acquired a 77.42 per cent shareholding and control of Shell Pakistan Limited through UAE-based WAFI Energy Holding Limited.

Shell Pakistan Limited is listed on the Pakistan Stock Exchange and is engaged in the retail supply of motor fuels and lubricants in Pakistan. WAFI Energy LLC has established a holding company in Pakistan for investment purposes.

The Competition Commission of Pakistan also approved the purchase of these shares.

According to a statement issued by the Competition Commission of Pakistan, Shell Pakistan has separate stakes in three relevant markets, but after the transaction, there will be no change in these markets, nor will WAFI Energy Holding Limited become dominant in the respective markets.

Also read: Shell to sell stake in Pakistan

Competition Commission of Pakistan Chairman, Dr. Kabir Ahmed Sidhu said that “this development is expected to promote quality of service and competition in the retail fuel supply chain and will help Pakistani markets to flourish.”

On the other hand, according to the spokesperson of Shell Pakistan, the sale process has been going on for a year and may take another two months to complete. The spokesperson said that the lubricant business shares are also being sold, but the Shell brand will continue to exist.