KARACHI: After The Shell Petroleum Company Ltd, a subsidiary of Shell plc (Shell), completed the sale of its 77.42 percent interest in SPL, Wafi Energy Holding Ltd (Wafi Energy) has become the majority shareholder of Shell Pakistan Ltd (SPL). SPL is a subsidiary of Shell plc (Shell).
Asyad Group affiliate Wafi Energy, a reputable Saudi company, currently owns approximately 87.78 percent of SPL’s issued share capital.
A press release states that SPL will be the sole licensee for the Shell brand in Pakistan through retail and brand licensing agreements.
Dr. Mohammad Mahmood Al Balushi, Raif H. Basheer, and Zain K. Haq have all submitted resignations as a result of the aforementioned transaction.
Ghassan Al Amoudy, the CEO of Asyad Holding Group, has been appointed by the SPL board of directors; Asyad Holding Group’s CFO, Javaid Akhtar, and VCraft Consulting’s MD, Kai-uwe Witterstein, serve on the SPL board. As a result, Ghassan Al Amoudy has been chosen to lead SPL.
According to Ghassan Amoudi, CEO of Asyad Holding Group and incoming chairperson of SPL, Wafi Energy’s acquisition of SPL’s majority ownership marks a significant milestone in the Asyad Group’s commitment to expanding its presence in Pakistan and the region.
Janana De Malucho Textile Mills Ltd. has temporarily halted production at the textile mill. The mill stated in a stock filing on Thursday that it is unable to continue production due to the absence of high-quality cotton, rising power costs, and current economic conditions.
The electric vehicle (EV) charging network Hub Power Company Ltd (Hubco) is currently in the process of forming a new company called Hubco Green (Private) Lted with the intention of putting in place infrastructure for EV charging throughout the country. This infrastructure will include charging avenues at destinations, major cities, highways, and motorways.
Hubco stated in a stock filing on Thursday that Mega Motor Company (Pvt) Ltd and BYD Auto Industry Company Ltd had recently signed a supply and manufacturing agreement as well as a Technical License Agreement (TLA) in order to establish a local assembly plant for new energy vehicles.
