Global energy giant Shell Petroleum on Wednesday made the strategic decision to sell its shares and decided to exit the Pakistani market.
Board of Directors of Shell Pakistan Limited (SPL) held a meeting with its parent firm Shell Petroleum Company Limited (SPCo) where it was announced their intent to sell its shareholding in SPL.
The sale of Shell’s shares will be subject to achieving target sales, emphasizing the importance of meeting specific performance goals.
Shell Pakistan said that sale of shares will be finalized after obtaining the necessary regulatory approvals, indicating the adherence to legal procedures and compliance requirements.
Shell Pakistan stated that the announcement of the sale of shares by the global petroleum giant company will not have any adverse effects on the business operations of the company.
Shell Pakistan Limited (SPL) is a subsidiary of Shell Petroleum Company Limited, United Kingdom, which is a subsidiary of Royal Dutch Shell Plc.
SPL, however, said that the development would have no impact on its current business operations, which will continue.
Last month, Shell Pakistan Limited announced its financial performance for the first quarter of 2023, which was severely impacted by the ongoing economic crisis in the country.
The earnings of the company turned crimson in 1QFY23 versus a similar period last year – from a profit after tax of Rs2 billion, the company posted a loss of Rs4.6 billion.
The loss came on the back of an unprecedented devaluation of the Rupee, rising inflation and macroeconomic uncertainty.
