A few minority shareholders have officially complained in writing to the Securities and Exchange Commission of Pakistan (SECP) and Shell Pakistan, a subsidiary of Shell Plc in the UK, about the sale of approximately 77.4% of Shell Pakistan shares to Wafi Energy at a price that was much lower than two other bids that were on the table and without any price evaluation.
While Shell failed to address specific queries and opted to defend its selling agreement with Wafi in general terms as falling within “regulatory requirements,” the SECP refuted claims that it had received any shareholder complaints and said the agreement was made by a UK-based business. It stated that six months prior to, and in accordance with worldwide best practices, the applicable legal modifications were implemented.
