On Wednesday, Shell Pakistan announced that the parent company, Shell Petroleum Company Limited, is to sell its shareholding in the Pakistan unit.
The notice sent to the Pakistan Stock Exchange stated: “We hereby inform you that the Board of Directors of Shell Pakistan Limited (SPL), in a meeting of its Board, held on June 14, 2023, have been notified by The Shell Petroleum Company Limited (SPCo) of its intent to sell its shareholding in SPL."
Shell went on to clarify that any sale will be conducted in accordance to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals.
As per a report, Shell Pakistan Limited had been facing losses due to rupee devaluation, rising inflation and general lack of economic activity.
The notice sent to the Pakistan Stock Exchange stated: “We hereby inform you that the Board of Directors of Shell Pakistan Limited (SPL), in a meeting of its Board, held on June 14, 2023, have been notified by The Shell Petroleum Company Limited (SPCo) of its intent to sell its shareholding in SPL."
Shell went on to clarify that any sale will be conducted in accordance to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals.
As per a report, Shell Pakistan Limited had been facing losses due to rupee devaluation, rising inflation and general lack of economic activity.