On Wednesday, Shell Pakistan Limited (SPL) declared that its parent firm, Shell Petroleum firm Limited (SPCo), had informed it of its decision to sell SPL’s ownership interest. At a meeting on June 14, 2023, the Board of Directors of Shell Pakistan Limited received the notification from SPCo. Shell Pakistan quickly informed the Pakistan Stock Exchange (PSX) of the announcement.
The completion of a focused sales process, the signing of legally binding documents, and getting required regulatory permissions are requirements for the possible sale of shares. It should be mentioned that SPL is a division of the renowned energy and petrochemical giant Shell Petroleum Company Limited, based in the United Kingdom, which is a division of Royal Dutch Shell Plc.
The selling of petroleum products, compressed natural gas and a wide variety of lubricating oils is a business activity for Shell Pakistan Limited. Shell Pakistan has stressed that even if this event denotes a change in ownership, its continuing commercial activities would continue unchanged. The business is still completely devoted to providing safe and dependable services to its esteemed clients and business partners.
The country’s ongoing economic crisis had a severe influence on Shell Pakistan Limited’s financial results for the first quarter of 2023, which were revealed earlier this month. In contrast to a profit after taxes of Rs2 billion during the same time previous year, the firm posted a significant loss of Rs4.6 billion. The extraordinary depreciation of the rupee, rising inflation, and larger macroeconomic uncertainty are to blame for this crisis.