Saudi company expresses interest in acquiring 77.42% stakes in Shell Pakistan

A Shell logo is pictured on a sign outside a Royal Dutch Shell petrol station in Gateshead, north east England on January 31, 2023. (AFP/File)
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Updated 31 October 2023
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Saudi company expresses interest in acquiring 77.42% stakes in Shell Pakistan

  • WAFI Energy is a rapidly growing retail gas station network and sole licensee of Shell Retail Network in Saudi Arabia
  • Based in Riyadh, the company was incorporated in September 2012 with a paid-up capital of 3 million Saudi Riyal

ISLAMABAD: A Saudi company has expressed interest in acquiring majority ownership of 77.42 percent in Shell Pakistan Limited (SPL), a leading oil and gas entity in the country, announced a stock filing at the Pakistan Stock Exchange (PSX) on Tuesday.

The SPL revealed plans for its parent organization, Shell Petroleum Company (SPC), to exit the Pakistani market in June of this year. This move was said to be part of SPC’s global strategy to rationalize its portfolio.

The divestment plan included the sale of SPC’s 77.4 percent stake in the local business, encompassing all of SPL’s downstream operations as well as its 26 percent ownership in Pak-Arab Pipeline Company Limited.

“It is hereby informed that M/s Shell Pakistan Limited (Target Company) has received firm intention from WAFI Energy LLC (Acquirer) to acquire control of 165,700,304 (up to 77.42 percent) voting shares of the target company,” said SPL’s stock filing.

It requested the relevant authorities to make the information immediately available to the shareholders to fulfil a necessary legal requirement.

According to documents submitted at PSX, WAFI Energy LLC is a “fast growing retail gas station network and sole licensee of Shell Retail Network (Gas Stations) in the Kingdom of Saudi Arabia.”

Based in Riyadh, the company was incorporated in September 2012 with a paid-up capital of 3 million Saudi Riyal.

WAFI Energy has engaged Arif Habib Limited in Pakistan to manage its acquisition offer.


Court sentences Pakistan ex-PM Imran Khan, wife to 17 years in prison in graft case

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Court sentences Pakistan ex-PM Imran Khan, wife to 17 years in prison in graft case

  • The case involves a jewelry set worth over €380,000 gifted to the former first lady when Khan was PM
  • The couple were convicted of undervaluing the gift and buying it at a lesser price from state repository

ISLAMABAD: A Pakistani court on Saturday sentenced former prime minister Imran Khan and his wife, Bushra Bibi, to 17 years in prison each in a graft case, dealing another major legal blow to the jailed opposition leader who faces a string of cases.

The reference, popularly called the new Toshakhana case, was filed in July 2024 and involves a jewelry set worth over €380,000 gifted to the former first lady by a foreign dignitary when Khan was prime minister from 2018-2022.

The couple, accused of undervaluing the gift and buying it at a lesser price from the state repository, were indicted in the case in Dec. last year. In October, they denied the charges against them, saying the case was a “politically motivated” attempt to disqualify Khan from politics.

Both Khan and his wife were handed down 10-year rigorous imprisonment under sections 34 (common intention) and 409 (criminal breach of trust) of the Pakistan Penal Code, and seven years under Section 5(2) (criminal misconduct by public servants) of the Prevention of Corruption Act.

“This court, while passing sentences has considered the old age of Imran Ahmed Khan Niazi, as well as the fact that Bushra Imran Khan is a female,” read a copy of the court verdict.

“It is in consideration of both said factors that a lenient view has been taken in awarding lesser punishment.”

Khan, who has been in jail since August 2023, faces a slew of cases which the former premier says have been politically motivated.

His Pakistan Tehreek-e-Insaf (PTI) party has long campaigned against the military and government, accusing the generals of ousting him together with his rivals. Khan’s opponents deny this, while the military says it does not meddle in politics.

On Friday, an anti-terrorism court (ATC) acquitted Khan aide and former foreign minister, Shah Mahmood Qureshi, but awarded 10-year prison sentences to senior PTI figures, including Dr. Yasmin Rashid, Mian Mehmood-ur-Rashid, Omer Sarfraz Cheema and former senator Ejaz Chaudhry in a case linked to violent riots in May 2023.