Shell Pakistan Limited has officially been renamed Wafi Energy Pakistan Limited following its acquisition by Wafi Energy Holding Limited, which now holds 87.78% of the company’s total issued share capital.
The company has also proposed changing its trading symbol on the Pakistan Stock Exchange from “SHEL” to “WEP,” or another name subject to approval by the Exchange.
Wafi Energy Holding Limited recently increased its stake in Shell by acquiring an additional 11.29%, bringing its total shareholding to 87.78%.
As part of the transition, three directors, including the Chairperson, have stepped down from the board. They have been replaced by three new directors, with Ghassan Al Amoudy appointed as the new Chairperson.
The board has also approved brand licensing agreements with the Shell Group, ensuring the continued use of the Shell brand under the new ownership.
