Shell Petroleum is Selling its Pakistani Holdings
The parent firm of Shell Pakistan revealed that it is selling its own part in the business. It won't have an impact on SPL's current activities.
On Wednesday, Shell Pakistan announced that its parent company, Shell, had informed it of the group’s intention of terminating its ownership stake in the company.
The nation’s processes, which are 77% owned by the direct parent company, Shell Petroleum Company (SPCo), sustained losses in 2022 as a result of currency fluctuations, the depreciation of the Pakistani currency, and past-due debts.
In an announcement to the Pakistan Stock Exchange, Shell Pakistan Limited (SPL) stated that SPCo had notified the Board of Directors of Shell Pakistan Limited (SPL) of its decision to divest its stake in SPL at a session of the board of directors conducted on June 14, 2023.
How much of SPCo’s investment is being sold is unknown.
The message said that the press release did not affect SPL’s ongoing business operations.
Any deal to sell would be “concerning a focused sales procedure, the carrying out of contractual records, and the obtaining of relevant governmental approvals, according to SPL in an additional press statement.
According to the news release, Shell is experiencing substantial interest from foreign purchasers.”
SPL announced its total loss for the fiscal year ended on December 31, 2022, at Rs72.3 million, down from Rs4.4 billion in profit the previous year.
Contrary to the company’s revenue, which increased 48.2 per cent annually to Rs418.6 billion in 2022, the bottom line fell.
According to a press release, the company expanded its reach in the reviewed year and opened 25 new vehicle wash facilities with tyre services, 28 Generation-5 Select locations, and 31 retail stations.
Even though the temporary dividend in cash for the first nine-month period of 2022 was Rs3 per share, there was not a final cash dividend.
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