Shell Petroleum to sell stake in Pakistan

[HAIDER]

Shell Petroleum to sell stake in Pakistan​

Reuters | Dawn.com Published June 14, 2023 Updated about 2 hours ago

LISTEN TO ARTICLE1x1.2x1.5x
Shell Pakistan said on Wednesday that parent Shell had notified it of the group’s intent to sell its shareholding in the business.
Shell Petroleum Company (SPCo), the immediate parent company, owns 77 per cent of the local operations, which suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables.
“… the Board of Directors of Shell Pakistan Limited (SPL), in a meeting of its board held on June 14, 2023, have been notified by SPCo of its intent to sell its shareholding in SPL,” SPL said in a notice to the Pakistan Stock Exchange.
It is unclear how much of its stake SPCo is selling.
“This announcement does not impact SPL’s current business operations, which continue,” the notice said.

https://twitter.com/x/status/1668891715049074688

In a separate press release, SPL said that any sale would be “subject to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals”.
“Shell is seeing strong interest from international buyers,” the press release said.
In March, SPL had reported that its net loss for the year ending on Dec 31, 2022, remained Rs72.3 million versus a profit of Rs4.4 billion in 2021.
The drop in the bottom line was in contrast with the company’s sales, which rose 48.2pc year-on-year to Rs418.6bn in 2022.
A press statement said the company increased its footprint in the year under review and commissioned 31 retail stations, 28 Generation-5 Select outlets and 25 new car wash facilities with tyre care.
There was no final cash dividend, even though the interim cash dividend for the first nine months of 2022 was Rs3 a share.
Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.









Ishaq Dar single handedly destroy the Pak economy, when everyone was telling him to negotiate IMF deal and don't control the dollar artificially , let the market fix the dollar value. But he artificially set the dollar price at 223 which ruined the economy.

 

[Hero786]

مبارکاں

Shell Petroleum to sell stake in Pakistan

Shell Petroleum Company owns 77pc of the local operations; says seeing "strong interest" from international buyers.

www.dawn.com

 

[PakFactor]

There's more to come. Remember I mentioned a few weeks back Dubai is enticing textile mill owners and IT firms to pick up from Pakistan and establish in Dubai. A 10-year no-tax offer, reduced land purchase cost, etc., is on the table.

 

[salarsikander]

All thanks to All wise shit generals and their Backed Fake PDM govt

 

[IceCold]

Thank you Lumber 1. You have always been the guardians of Pakistan and it's interest. No one could have done it without you. Thank you!

 

[Jango]

Do we have fauji petroleum yet?

 

[Olympus81]

Fauji pump.

Lumber 1 Zindabad.

 

[SoulSpokesman]

@PakFactor

Dubai is enticing textile mill owners and IT firms to pick up from Pakistan and establish in Dubai.

If Modi trusts his Gujju instincts over his Hindoo ones, he would get them to relocate to India instead. Gujarat is next door and it could give Indian textile industry a boost.

Regards

 

[PakFactor]

@PakFactor

Dubai is enticing textile mill owners and IT firms to pick up from Pakistan and establish in Dubai.

If Modi trusts his Gujju instincts over his Hindoo ones, he would get them to relocate to India instead. Gujarat is next door and it could give Indian textile industry a boost.

Regards

It could have happened; however, with tensions always ready on standby between the two countries, it's a deal killer. The Pakistani businessman has wised up now. They realize they can't be on constant war footing every year, and they need stability, a peaceful environment, and away from situations where there is no rule of law. However, some smaller mills are shifting to Bangladesh to join their counterparts who left West Pakistan after 1971.

I can't say much, this was recently brought up through my network, but there might be a significant shift from AFCO Steel in possibly exiting the country or the conglomerate family altogether.

 

[epebble]

Shell Petroleum to sell stake in Pakistan​

Reuters | Dawn.com Published June 14, 2023 Updated about 2 hours ago

LISTEN TO ARTICLE1x1.2x1.5x
Shell Pakistan said on Wednesday that parent Shell had notified it of the group’s intent to sell its shareholding in the business.
Shell Petroleum Company (SPCo), the immediate parent company, owns 77 per cent of the local operations, which suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables.
“… the Board of Directors of Shell Pakistan Limited (SPL), in a meeting of its board held on June 14, 2023, have been notified by SPCo of its intent to sell its shareholding in SPL,” SPL said in a notice to the Pakistan Stock Exchange.
It is unclear how much of its stake SPCo is selling.
“This announcement does not impact SPL’s current business operations, which continue,” the notice said.

https://twitter.com/x/status/1668891715049074688

In a separate press release, SPL said that any sale would be “subject to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals”.
“Shell is seeing strong interest from international buyers,” the press release said.
In March, SPL had reported that its net loss for the year ending on Dec 31, 2022, remained Rs72.3 million versus a profit of Rs4.4 billion in 2021.
The drop in the bottom line was in contrast with the company’s sales, which rose 48.2pc year-on-year to Rs418.6bn in 2022.
A press statement said the company increased its footprint in the year under review and commissioned 31 retail stations, 28 Generation-5 Select outlets and 25 new car wash facilities with tyre care.
There was no final cash dividend, even though the interim cash dividend for the first nine months of 2022 was Rs3 a share.
Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.









Ishaq Dar single handedly destroy the Pak economy, when everyone was telling him to negotiate IMF deal and don't control the dollar artificially , let the market fix the dollar value. But he artificially set the dollar price at 223 which ruined the economy.

In the absence of repatriation of profits, all multinationals have a fiduciary duty to sell off their investments. At least in theory.

 

[Olympus81]

Alot of Pakistani businessmen especially in the textile industry have diversified their investments to Bangladesh.

And made quite a bit of investments in real estate in UAE.

With the current political environment and constant show ups by Zardari’s frontmen for ransom, we’ll only see capital flight outwards.

Sorry but this is the harsh truth.

 

[Samlee]

There's more to come. Remember I mentioned a few weeks back Dubai is enticing textile mill owners and IT firms to pick up from Pakistan and establish in Dubai. A 10-year no-tax offer, reduced land purchase cost, etc., is on the table.

Do we have fauji petroleum yet?

Fauji pump.

Lumber 1 Zindabad.

Why are you surprised this has happened before.Last time patwaris were in power al-tuwairqi, Barclays bank and OMV left the country

Everytime noony toons come multinationals make a run for it.

It could have happened; however, with tensions always ready on standby between the two countries, it's a deal killer. The Pakistani businessman has wised up now. They realize they can't be on constant war footing every year, and they need stability, a peaceful environment, and away from situations where there is no rule of law. However, some smaller mills are shifting to Bangladesh to join their counterparts who left West Pakistan after 1971.

I can't say much, this was recently brought up through my network, but there might be a significant shift from AFCO Steel in possibly exiting the country or the conglomerate family altogether.

Contrast with pti interloop wrapped up it's Bangladesh operations came back and set up new units

But speaking of pti now sounds like a sweet dream that never really happened

 

[Dalit]

You reap what you sow.

 

[Muji.Iqbal]

Maybe Saudi Arabia, UAE, or China can buy that business share?

 

[Dalit]

Maybe Saudi Arabia, UAE, or China can buy that business share?

No one is willing to invest in a sinking ship.