Saudi Group Acquires 77.42% Shares of Shell Pakistan
Saudi Group Esad Holding, via UAE-based Wafi Energy, has acquired 77.42% of Shell Pakistan, with the Competition Commission’s approval, while Shell’s brand remains intact.
Karachi: Saudi Group Esad Holding, through UAE-based Wafi Energy Holding Limited, has acquired 77.42% shareholding and control of Shell Pakistan 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 established the holding limited for the purpose of investment in Pakistan. The Competition Commission has also approved the acquisition of these shares.
According to a statement issued by the Competition Commission, Shell Pakistan has separate shares in all three relevant markets, but the proposed transaction will not bring any change in these markets nor will it lead to Wafi Energy Holding Limited dominating the relevant markets.
Dr. Kabir Ahmed Sidhu, Chairman of the Competition Commission, stated that this development is expected to promote service quality and competition in the retail fuel supply chain and will help Pakistani markets flourish.
Meanwhile, a spokesperson for Shell Pakistan mentioned that the sale process has been ongoing for a year and may take another two months to complete. The spokesperson also noted that shares of the lubricant business are also being sold, but the Shell brand will remain intact.
