KARACHI ( Reuters/Web Desk )- Shell Pakistan Limited (SPL) said on Wednesday that its parent firm, Shell Petroleum firm, which controls 77% of the local organisation, will leave the country, without specifying how much stake would be disposed of.
The action comes after the firm experienced huge losses in 2022 as a result of currency rates, the depreciation of the Pakistani rupee, and past-due debts.
The parent company notified its Board of Directors on Wednesday of its intention to sell shares in the subsidiary, according to a notification lodged with the Pakistan Stock Exchange (PSX) and a news statement released by the SPL.
However, it said that “the announcement has no impact on SPL’s current business operations, which continue,” and vowed to continue providing safe and dependable operations to clients and partners.
According to the company, any sale would be subject to a focused sales process, the signing of binding documents, and the attainment of appropriate regulatory permissions. “Shell is seeing strong interest from international buyers.”
The SPL is a subsidiary of Shell Petroleum in the United Kingdom, which is owned by Royal Dutch Shell Plc, one of the world’s leading oil and petrochemical businesses.