Shell Petroleum have announced selling its major stake in Shell Pakistan Limited, and after four months Saudi leading fuel station company WAFI Energy LLC expressed interest in taking control of Shell Pakistan Limited.
Brokerage house Arif Habib Ltd, on behalf of the Saudi oil giant, submitted a public announcement of Intention to acquire up to 77.42 percent shares of Shell Pakistan Limited.
A notice to the Pakistan Stock Exchange (PSX) said “It is hereby informed that Shell Pakistan has received firm intention from WAFI Energy to acquire control of 165,700,304 (up to 77.42%) voting shares of the target company, beyond the thresholds prescribed under Section 111 of the Act”.
It introduced WAFI Energy as fast-growing retail gas station network and sole licensee of Shell Retail Network (gas stations) in Kingdom
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