Saudi group Essaad Holding has acquired a 77.42% shareholding and control of Shell Pakistan Limited through UAE-based WAFI Energy Holding Limited.
Shell Pakistan Limited, listed on the Pakistan Stock Exchange, is involved in the retail supply of motor fuels and lubricants in the country. WAFI Energy LLC has set up a holding company in Pakistan for investment purposes.
The Competition Commission of Pakistan (CCP) has approved the purchase of these shares. According to a CCP statement, Shell Pakistan has stakes in three relevant markets. However, post-transaction, there will be no change in these markets, and WAFI Energy Holding Limited will not gain dominance in them.
CCP Chairman Dr. Kabir Ahmed Sidhu remarked, “This development is expected to promote quality of service and competition in the retail fuel supply chain and will help Pakistani markets to flourish.”
A spokesperson for Shell Pakistan noted that the sale process has been ongoing for a year and may take another two months to complete. The spokesperson also mentioned that shares in the lubricant business are being sold, but the Shell brand will continue to exist.
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