By Staff Reporter
KARACHI: Shell Pakistan Limited (SPL) said on Wednesday that its parent company, Shell Petroleum Company Limited (SPCo), intends to sell its shareholding in the Pakistani subsidiary, subject to a sales process and regulatory approvals.
SPL, which markets petroleum products, compressed natural gas and lubricating oils in Pakistan, is a subsidiary of Shell Petroleum Company Limited, United Kingdom, which is a subsidiary of Royal Dutch Shell Plc.
SPL said the potential sale would not affect its current business operations, which will continue as usual.
“SPL remains committed to continuing to deliver safe and reliable operations for our customers and partners,” it said in a statement to the Pakistan Stock Exchange.
The announcement comes as SPL posted a loss of Rs4.6 billion for the first quarter of 2023, compared with a profit of Rs2 billion a year earlier, due to currency devaluation, inflation and macroeconomic uncertainty in Pakistan.
SPL shares rose after the news of the possible sale.
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