Shell Pakistan announced on Wednesday that parent company Shell has informed it of the group’s intention to sell its stake in the company.
The immediate parent company, Shell Petroleum Company (SPCo), owns 77% of the local business, which sustained losses in 2022 because to exchange rates, the devaluation of the Pakistani rupee, and late debts.
“… the Board of Directors of Shell Pakistan Limited (SPL) was notified by SPCo of its intent to sell its shareholding in SPL at a meeting of its board held on June 14, 2023,” SPL said in a notice to the Pakistan Stock Exchange.
It is unknown how much of SPCo’s shareholding it is selling.
“This announcement does not impact SPL’s current business operations, which continue,” the notice said.
“This announcement does not impact SPL’s current business operations, which continue,” the notice said.
SPL announced in March that their net loss for the fiscal year ended December 31, 2022 was Rs72.3 million, compared to a profit of Rs4.4 billion in 2021.
The decline in profits contrasted with the company’s sales, which increased 48.2 percent year on year to Rs418.6 billion in 2022.
According to a press release, the company expanded its reach during the fiscal year under review, commissioning 31 retail stations, 28 Generation-5 Select outlets, and 25 additional vehicle wash facilities with tyre care.
Even though the interim cash dividend for the first nine months of 2022 was Rs3 per share, there was no final cash dividend.
