Shareholder objects to Shell’s sale to Wafi Energy

News Image

By MG News | September 17, 2024 at 07:31 PM GMT+05:00

0:00

September 17, 2024 (MLN): A minority shareholder filed a complaint against Shell Plc’s unit in Pakistan over its sale to Saudi Arabia’s Wafi Energy Holding Ltd. earlier this year, Bloomberg reported.

Shell ignored offers from other investors that offered a higher price, said Mian Bilal Arshad, a shareholder, in a letter sent to the company’s local unit and the Securities and Exchange Commission of Pakistan.

Also, the share price isn’t indicative of the true value because Shell Pakistan Ltd. is mostly held by a few large investors, the letter, seen by Bloomberg News, said.

“The sales agreement followed a targeted sales process, and after consideration Shell selected Wafi Energy as the right buyer, given Wafi Energy’s strategy to expand in the region and its commitment to building upon Shell Pakistan’s existing legacy,” a spokesperson for Shell said in an emailed reply to Bloomberg questions.

The sales process follows all regulatory requirements, the spokesperson said. The Securities and Exchange Commission of Pakistan and Wafi Energy didn’t respond to Bloomberg's requests for comment.

Shell decided to exit Pakistan last summer after 75 years of operation in the South Asian country, which was going through its worst-ever economic crisis.

The relationship between Shell and Wafi extends to other regions. They signed an agreement in 2022 making Wafi the sole representative of Shell-branded fuel stations in Saudi Arabia.

Arshad urged the authorities to consider all legal remedies to ensure minority shareholders get fair value for their holdings.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 130,452.56
303.73M
1.76%
2253.13
ALLSHR 81,081.48
903.88M
1.62%
1293.86
KSE30 39,924.22
125.71M
2.09%
819.22
KMI30 189,476.01
131.55M
1.37%
2560.40
KMIALLSHR 54,758.87
445.49M
1.03%
556.99
BKTi 35,105.58
49.34M
4.87%
1628.90
OGTi 28,209.56
12.45M
0.88%
246.98
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,050.00 108,340.00
105,440.00
2300.00
2.17%
BRENT CRUDE 67.59 67.63
66.94
0.48
0.72%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 103.80 0.00
0.00
-3.70
-3.44%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 65.91 65.97
65.23
0.46
0.70%
SUGAR #11 WORLD 15.91 15.97
15.77
0.21
1.34%

Chart of the Day


Latest News
July 02, 2025 at 02:51 PM GMT+05:00

NEPRA approves uniform power tariff for FY26


July 02, 2025 at 02:35 PM GMT+05:00

BAPL works to resume core operations


July 02, 2025 at 01:45 PM GMT+05:00

Azgard Nine extends Muzaffargarh sale deadline


July 02, 2025 at 12:47 PM GMT+05:00

KSE-100 touches 130,000 points



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg