Shell Pakistan said on Wednesday that its parent company, Shell unit Shell Petroleum Company, would be exiting Pakistan with the sale of its 77% shareholding in the local business.
"To support its intention to high-grade and simplify its portfolio, Shell Petroleum Company Ltd ... has initiated a sales process to sell its 77.42% shareholding in Shell Pakistan Ltd," a spokesperson for Shell Pakistan said in an email to Reuters.
It said in the notice that Shell Petroleum Company had notified its board of directors of its intention to sell the holding in a meeting on June 14.A Shell sign is pictured near Nowshera, Pakistan's northwest Khyber-Pakhtunkhwa Province September 8, 2010. REUTERS/Morteza Nikoubazl/File Photo Mustafa Pasha, chief investment officer at Karachi-based Lakson Investments, said the smoothness of the planned transaction will depend in part on whether the eventual buyer of SPL is an international or domestic company.
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