Karachi October 31 2024: Wafi Energy Holding Limited (Wafi Energy) becomes the majority shareholder of Shell Pakistan Limited (SPL) after the company, a subsidiary of Shell plc (Shell), completes the sale of its 77.42 percent interest in SPL.
Wafi Energy, an established Saudi company and an affiliate of the Asyad Group, now holds approximately 87.78 percent of the total issued share capital of SPL, said a news release issued here on Thursday.
The Shell brand will remain in Pakistan through retail and brand licensing agreements, with SPL as the exclusive brand licensee.
“Wafi Energy announced its entry into Pakistan by acquiring majority ownership of Shell Pakistan Limited. This marks a significant milestone in the Asyad Group’s commitment to expanding its presence in Pakistan and the region,” Ghassan Amoudi, CEO of Asyad Holding Group and incoming Chairperson of SPL, said.
“As the exclusive Shell Licensee, we are delighted that the Shell brand remains in Pakistan. This continuation builds on a strong legacy, supported by a team of highly skilled professionals who ensure customers have access to Shell’s premium fuel and lubricant offerings, all delivered with the highest safety and security standards.”
The Chief Executive and Managing Director of Shell Pakistan Limited, Waqar Siddiqui, said, “Shell Pakistan Limited will continue building a sustainable energy future for Pakistan, combining Wafi Energy’s commitment to growth and investment and Shell’s strong legacy of innovation and trust in the country.”
The Board of Directors of SPL has appointed Ghassan Al Amoudy, CEO of Asyad Holding Group; Javaid Akhtar, CFO of Asyad Holding Group and Kai-uwe Witterstein, MD of VCraft Consulting to the Board of SPL. Consequently, Ghassan Al Amoudy has been appointed as Chairperson of SPL.
Shell Pakistan Limited stands as one of the oldest and most established energy partners in the industry and a leading player in the lubricants market in Pakistan.
This new chapter offers Shell Pakistan Limited the opportunity to build upon this strong foundation, ensuring the continued delivery of quality products to their valued customers.
