The Board of Directors of Wafi Energy Pakistan Limited, formerly Shell Pakistan Limited, has appointed Zubair Shaikh as interim Chief Executive Officer (CEO), effective February 1, 2025. The announcement follows Waqar I. Siddiqui’s decision to step down as CEO on January 31, 2025.
The development was disclosed in a notice to the Pakistan Stock Exchange (PSX) on Wednesday, with the company expressing confidence in Shaikh’s leadership during this transitional phase.
This leadership change coincides with the company’s official rebranding to Wafi Energy Pakistan Limited. The transformation follows Wafi Energy Holding Limited’s acquisition of an additional 10.36% of the company’s issued share capital. With the purchase of 22,165,837 shares, Wafi now controls 87.78% of the company.
The rebranding marks the culmination of a significant ownership shift. In July 2024, Saudi-based Asyad Holding, through UAE-based Wafi Energy Holding Limited, acquired a controlling 77.42% stake in Shell Pakistan Limited. This led to the divestment of shares by the previous parent company, Shell Petroleum Company Limited.
The divestment process began in June 2023, marking Shell Petroleum’s exit from its Pakistani operations. The transition underscores a new chapter for the company as Wafi Energy Pakistan Limited moves forward under its new leadership and vision.
