The Board of Directors (BoD) of Shell Pakistan Limited (SHEL) has endorsed changing the organization’s name to the proposed ‘Wafi Energy Pakistan Limited’.
According to a notification released by SHEL to the Pakistan Stock Exchange (PSX) on Thursday, the improvement comes following Wafi Energy Holding Limited’s (Wafi) securing of 22,165,837 extra standard portions of SHEL, addressing roughly 10.36% of the organization’s total issued share capital.
In July, Saudi Group Asyad Holding, through UAE-based Wafi Energy Holding Limited, obtained 165,700,304, or 77.42%, shareholdings and control of Shell Pakistan Limited.
Moreover, the ticker or exchanging image of the organization on the Pakistan Stock Exchange is proposed to change from “SHEL” to “WEP,” or such other name as might be approved by the Exchange. To review, Wafi Energy procured an extra 11.29% stake in Shell, carrying its absolute holding to 87.78%.
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Following this acquisition, three directors, including the Chairperson, have surrendered, and three new chiefs, with Ghassan Al Amoudy named as the new director, have joined the board. The board has approved the new brand licensing agreements with Shell Group, allowing the use of the Shell brand.
Furthermore, an Extraordinary General Meeting is set for November 27, 2024, to endorse the name change and amendments to the organization’s articles following the Companies Act, 2017.
The notification also uncovered that Shell’s previous parent company, Shell Petroleum Company Limited, has divested its whole stake in SHEL. Considering these changes, three directors—Zain K. Hak, Rafi H. Basheer, and Dr. Mohammed Mahmood Al Balushi—left the board viable on October 31, 2024.
To fill the vacancies, Ghassan Al Amoudy, Javaid Akhtar, and Kai-uwe Witterstein have been designated as chiefs. Ghassan Al Amoudy will act as the new chairperson.
The notification further expressed that the name changes from “Shell Pakistan Limited” to “Wafi Energy Pakistan Limited” will also remember another ticker symbol for the Pakistan Stock Exchange, changing from “SHEL” to “WEP”, forthcoming regulatory approvals, and legal formalities.
Last June, Shell Pakistan declared its parent organization’s aim to sell its stake, explaining that this progress wouldn’t influence the organization’s continuous tasks.