ISLAMABAD: Minority shareholders of Shell Pakistan have expressed outrage over the recent sale of the company’s majority shares to Saudi Wafi Energy, alleging significant financial losses and unfair treatment. The shareholders claim that around 77.4% of Shell Pakistan shares were sold at a price far below two competing bids, without proper price evaluation.
In formal complaints to Shell Pakistan and the Securities and Exchange Commission of Pakistan (SECP), shareholders argued that the deal—valued at $97 million—set the price at Rs118 per share, while other consortia offered bids as high as Rs220 per share. Critics also accused the SECP of amending regulations to favor the deal, removing a clause that allowed third-party revaluation to ensure fair pricing.
The SECP denied receiving shareholder complaints and defended its regulatory changes, stating they were aligned with international practices. Meanwhile, Shell Pakistan maintained that the sale complied with all regulatory requirements and that Wafi Energy was selected for its regional expansion strategy.
Wafi Energy has now initiated the process to acquire additional shares, aiming to delist Shell Pakistan from the stock market. Minority shareholders have been offered Rs155 per share for the remaining stakes.
Story by Khaleeq Kiani
