Shell Pakistan to rebrand as Wafi Energy Pakistan

MG News | October 31, 2024 at 02:38 PM GMT+05:00

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October 31, 2024 (MLN): The Board of Directors (BoD) of Shell Pakistan Limited (PSX: SHEL) has approved the change of the company's name to the proposed name "Wafi Energy Pakistan Limited."

This follows the acquisition of 87.78% of the total issued share capital of SHEL by Wafi Energy Holding Limited.

Additionally, the ticker or trading symbol of the company on the Pakistan Stock Exchange is proposed to change from "SHEL" to "WEP," or such other name as may be approved by the Exchange.

To recall, Wafi Energy acquired an additional 11.29% stake in Shell, bringing its total holding to 87.78%.

Following this acquisition, three directors, including the Chairperson, have resigned, and three new directors, with Ghassan Al Amoudy appointed as the new Chairperson, have joined the board.

The board has approved new brand licensing agreements with Shell Group, allowing continued use of the Shell brand.

Additionally, an Extraordinary General Meeting is set for November 27, 2024, to approve the name change and amendments to the company's articles in line with the Companies Act, 2017.

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