In a major development, Shell Petroleum Company Limited (SPCo) has announced its intention to sell its stake in Shell Pakistan Limited (PSX: SHEL), according to a recent stock filing at the Pakistan Stock Exchange. The decision was communicated to the Board of Directors of SPL during a meeting held on June 14, 2023.
The filing clarified that any potential sale would be subjected to a targeted sales process, completion of binding documentation, and obtaining necessary regulatory approvals. Despite this announcement, SPL emphasized that its current business operations would remain unaffected and would continue as usual. The company reaffirmed its commitment to providing safe and reliable operations for its customers and partners.
As of the filing, SHEL’s stock price stood at Rs. 89.17, experiencing a significant surge of 7.5 percent or Rs. 6.22, with a noteworthy turnover of 4,287,500 shares on Wednesday.
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