Karachi November 22 2023: Wafi acquisition of Shell Pakistan arm is expected to take a year subject to regulatory approvals, according to Shell management.
Wafi is acquiring SPL’s business footprint in Pakistan includes more than 600 mobility sites, 10 fuel terminals, a lubricant oil blending plant, and a 26% shareholding in Pak-Arab Pipeline Company Limited.
The sale is subject to regulatory approvals and expected to close by Q4 2024, states company corporate briefing document.
Shell Petroleum Company Limited (SPCo) is constantly assessing and seeking to highgrade and simplify its portfolio. The decision to divest SPCo’s shareholdings in SPL is consistent with its business strategy.
The Shell brand will remain visible across the mobility and lubricants network in Pakistan through brand licensing agreements.
Based in Kingdom of Saudi Arabia, Asyad Holding’s Private Equity division oversees several wholly-owned subsidiaries as well as jointventures operating in diverse sectors of the economy. Expanding its vision and footprint, a wholly owned subsidiary of Asyad, Wafi Energy LLC signed a Sale Purchase Agreement with Shell Petroleum Company Limited on October 31, 2023, for acquisition of its entire stake of 77.42% in Pakistan.
Wafi Energy LLC aims to work hard to better position the company with stronger business plans for expanding its business with much more investments opportunities to strongly support growth.
