[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Shell Pakistan Limited (SPL) announced on Wednesday that its parent firm, Shell Petroleum firm Limited (SPCo), has informed it of its intention to sell its stake in SPL.
Shell Pakistan informed the Pakistan Stock Exchange (PSX) of the situation.
“We hereby inform you that The Shell Petroleum Company Limited (SPCo) has notified the Board of Directors of Shell Pakistan Limited (SPL) of its intention to sell its shareholding in SPL at its meeting on June 14, 2023,” the company said. Take a look at the notice.
Any sale will be subject to a targeted sales process, the execution of binding documentation, and the receipt of applicable regulatory permissions, according to the business.
Shell Petroleum Company Limited, United Kingdom, is a subsidiary of Royal Dutch Shell Plc, one of the world’s leading oil and petrochemical businesses.
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SPL sells petroleum products and compressed natural gas, as well as blends and sells a variety of lubricating lubricants.
SPL, on the other hand, stated that the development will have no effect on its existing business operations, which will continue as usual.
“SPL remains committed to continuing to deliver safe and reliable operations for our customers and partners,” the company said.
Shell Pakistan Limited published its financial performance for the first quarter of 2023 last month, which was badly damaged by the country’s protracted economic crisis.
The company’s earnings turned crimson in 1QFY23 compared to a similar time last year – from a profit after tax of Rs2 billion to a loss of Rs4.6 billion.
The loss was caused by an unprecedented depreciation of the Indian rupee, soaring inflation, and macroeconomic uncertainty.
At 1:30 p.m., less than an hour after the notice was posted on the PSX website, the share price of Shell Pakistan was hovering around Rs89.17, up by Rs6.22 on a volume of over 4 million.[/vc_column_text][/vc_column][/vc_row]
