Islamabad, Sep 18L: A minority shareholder has expressed objections to Shell Pakistan Limited’s sale to Saudi Arabia’s Wafi Energy Holding Limited. The shareholder has lodged a complaint with the Securities and Exchange Commission of Pakistan (SECP), arguing that the transaction undervalues the company.
They claim that the share price does not accurately reflect Shell Pakistan’s true value due to the high concentration of shares held by a few large investors.
Mian Bilal Arshad, the minority shareholder, has alleged that Shell Pakistan Limited overlooked higher offers from other investors and chose to proceed with the sale to Wafi Energy Holding Limited.
According to Bloomberg, Arshad has requested that authorities investigate the matter and explore legal options to ensure that minority shareholders receive fair value for their shares.
Shell’s exit from Pakistan marks the end of 75 years of operations in the country. This decision aligns with a broader relationship between Shell and Wafi Energy, which began in 2022 when Shell appointed Wafi as the exclusive representative for its branded fuel stations in Saudi Arabia.
