KARACHI – Shell has decided to sell its shareholding in its Pakistan unit as it suffered losses in previous years due to devaluation of the Pakistani rupee and other factors.
Shell Pakistan Limited has informed the Pakistan Stock Exchange about the development in a notice. Shell Petroleum Company (SPCo), the parent company of Shell Pakistan, holds 77 percent of the local operations.
“… the Board of Directors of Shell Pakistan Limited (SPL), in a meeting of its Board held on June 14, 2023, have been notified by The Shell Petroleum Company Limited (SPCo) of its intent to sell its shareholding in SPL,” SPL said in the notice to the stock exchange.
“This announcement does not impact SPL’s current business operations, which continue,” the notice said.
