Wafai Energy completes Shell Pakistan acquisition
by https://www.dawn.com/authors/397/the-newspaper-s-staff-reporter, The Newspaper's Staff Reporter · DAWN.COMKARACHI: Wafi Energy Holding Ltd (Wafi Energy) has become the majority shareholder of Shell Pakistan Ltd (SPL) after The Shell Petroleum Company Ltd, a subsidiary of Shell plc (Shell), completes the sale of its 77.42 per cent interest in SPL.
Wafi Energy, an established Saudi company and affiliate of the Asyad Group, now holds approximately 87.78pc of the total issued share capital of SPL.
The Shell brand will remain in Pakistan through retail and brand licencing agreements, with SPL as the exclusive brand licensee, says a press release.
Consequent to the above transaction, Zain K. Haq, Raif H. Basheer and Dr Mohammad Mahmood Al Balushi have tendered their resignations.
The board of directors of SPL has appointed Ghassan Al Amoudy, CEO of Asyad Holding Group; Javaid Akhtar, CFO of Asyad Holding Group and Kai-uwe Witterstein, MD of VCraft Consulting on the Board of SPL. Consequently, Ghassan Al Amoudy has been appointed as Chairperson of SPL.
Wafi Energy has announced its entry into Pakistan by acquiring majority ownership of SPL, marking a significant milestone in the Asyad Group’s commitment to expanding its presence in Pakistan and the region, said Ghassan Amoudi, CEO of Asyad Holding Group and incoming chairperson of SPL.
Textile mill closure
Janana De Malucho Textile Mills Ltd has temporarily shutdown production activities. In a stock filing on Thursday, the mill said it is unable to continue with the production activities due to the prevailing economic conditions, increase in power cost, and non availability of quality cotton.
EV charging network
Hub Power Company Ltd (Hubco) is in the process of establishing a new venture Hubco Green (Private) Lted aimed at installing EV charging infrastructure across the country, including motorways, highways, major cities and destination charging avenues.
In a stock filing on Thursday, Hubco said that for setting up a local assembly plant for new energy vehicles, Mega Motor Company (Pvt) Ltd has recently signed a supply and manufacturing agreement and Technical License Agreement (TLA) with BYD Auto Industry Company Ltd.
Published in Dawn, November 1st, 2024
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