ISLAMABAD: In a significant corporate transition, the Board of Directors of Shell Pakistan Limited (SHEL) has approved the renaming of the company to Wafi Energy Pakistan Limited. This decision comes in the wake of Wafi Energy Holding Limited’s acquisition of an additional 22,165,837 ordinary shares of SHEL, which represents approximately 10.36% of the company’s total issued share capital.
According to a notice released to the Pakistan Stock Exchange (PSX) on Thursday, the latest acquisition follows Wafi’s earlier purchase in July, where it acquired 165,700,304 shares, amounting to 77.42% of SHEL’s shares. With this latest transaction, Wafi now holds a total of 187,866,141 ordinary shares, equating to about 87.78% of SHEL’s total issued share capital.
The notice also revealed that Shell’s previous parent company, Shell Petroleum Company Limited, has divested its entire stake in SHEL. In light of these changes, three directors—Zain K. Hak, Rafi H. Basheer, and Dr. Mohammed Mahmood Al Balushi—have resigned from the board effective October 31, 2024.
To fill the vacancies, Ghassan Al Amoudy, Javaid Akhtar, and Kai-uwe Witterstein have been appointed as directors. Ghassan Al Amoudy will serve as the new chairperson.
The notice further stated that the name change from **Shell Pakistan Limited** to **Wafi Energy Pakistan Limited** will also include a new ticker symbol on the Pakistan Stock Exchange, changing from **SHEL** to **WEP**, pending regulatory approvals and legal formalities.
Last June, Shell Pakistan announced its parent company’s intention to sell its stake, clarifying that this transition would not affect the company’s ongoing operations.
