KARACHI: Shell Pakistan (SHEL.PSX) said on Wednesday that parent Shell (SHEL.L) has notified it of the group’s intent to sell its shareholding in the business in Pakistan.
Shell Petroleum Company (SPCo), the immediate parent company, owns 77 percent of the local operations, which suffered losses in 2022 due to the devaluation of the Pakistani rupee, exchange rates, and overdue receivables.
“… 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,” SPL said in a notice to the stock exchange. It is unclear how much of its stake SPCo is selling.
“This announcement does not impact SPL’s current business operations, which continue,” the notice said.
