Saudi business giant expands overseas and acquires Shell's Pakistan subsidiary

   Recently, Saudi Arabia's business giant Asyad Holding Group launched a major acquisition in overseas markets. Through its wholly-owned subsidiary Wafi Energy Holding Limited in the United Arab Emirates, the group successfully acquired 77.42% of the equity of Shell Pakistan Limited and gained control of the company.
                        

   The Pakistan Competition Commission (CCP) has approved the acquisition in accordance with Section 11 of the Competition Act of 2010 to promote the development of Pakistan's retail oil industry. Shell Oil announced its withdrawal from the Pakistani market in June 2023 and sold 77.42% of its Pakistani business to Wafi Energy. After a long transaction process, the acquisition finally made substantial progress.

   Shell Pakistan Limited is listed on the Pakistan Stock Exchange and has a huge business network, including more than 600 gas stations, 10 fuel terminals, a lubricating oil mixing plant and Pak-Arab Pipeline Company Limited. 26% of the shares. This acquisition will not only lay a solid foundation for the development of Asyad Holding Group in the Pakistan energy market, but also have a profound impact on the competitive landscape of Pakistan's retail oil industry.