The Board of Directors (BoD) of Shell Pakistan Limited (SHEL) has approved changing the company’s name to the proposed ‘Wafi Energy Pakistan Limited’.
As per a notice released by SHEL to the Pakistan Stock Exchange (PSX) on Thursday, the development comes following Wafi Energy Holding Limited (Wafi) acquisition of an additional 22,165,837 ordinary shares of SHEL, representing approximately 10.36% of the company’s total issued share capital.
In July, Saudi Group Asyad Holding through UAE-based Wafi Energy Holding Limited acquired 165,700,304 or 77.42% shareholdings and control of Shell Pakistan Limited.
Following the latest acquisition, Wafi now holds 187,866,141 ordinary shares of SHEL, representing approximately 87.78% of the total issued share capital of the company.
Meanwhile, the previous parent company, Shell Petroleum Company Limited has divested its entire shareholding in SHEL, read the notice.
The notice stated that as a result of the completion of Wafi’s acquisition, SHEL’s directors namely, Zain K. Hak, Rafi H. Basheer and Dr Mohammed Mahmood Al Balushi have tendered their resignation from the company’s board with immediate effect, that is, from October 31, 2024.
“As a result of the resignations mentioned above, Ghassan Al Amoudy, Javaid Akhtar and Kai-uwe Witterstein have been appointed as directors with immediate effect to fill the casual vacancies on the board for the remainder of the term of office of the outgoing directors.”
It informed that Ghassan Al Amoudy has been appointed as chairperson of the company, with immediate effect.
“The change of the name of the company from ‘Shell Pakistan Limited’ to the proposed name ‘Wafi Energy Pakistan Limited’ …. and the consequent change in the ticker/trading symbol of the company on the Pakistan Stock Exchange from ‘SHEL’ to ‘WEP’, or such other name as may be approved by the exchange, subject to applicable corporate and regulatory approvals and completion of necessary legal formalities under applicable laws,” the notice stated.
Last year in June, Shell Pakistan Limited announced that its parent company, Shell Petroleum Company Limited (SPCo), had notified its intent to sell its shareholding in the Pakistani entity.
Back then, Shell Pakistan said that the development would have no impact on its current business operations, which will continue.
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