Karachi: Wafi Energy Pakistan Limited, formerly known as Shell Pakistan Limited, has announced a major transition in its ownership structure, marking the end of an era and the beginning of a new chapter for the company. On December 31, 2024, the company completed the transfer of majority shareholding from Shell Petroleum Company Limited to Wafi Energy Miring Limited, an Abu Dhabi-based entity. The latter now holds approximately 87.78% of the company's shares.
Despite the significant ownership change, the strong Shell brand continues in Pakistan through exclusive brand licensing agreements, ensuring continuity and trust in the market. This pivotal change marked the company's evolution into a standalone entity. The transition was executed seamlessly, maintaining business continuity without disruptions to customers or stakeholders. This was seen as a testament to the company's resilience and adaptability in a transformative environment.
According to information available from the Pakistan Stock Exchange (PSX), the energy sector in Pakistan has been undergoing considerable changes in recent years. The year 2024 was notable not only for Wafi Energy Pakistan Limited but also for the broader Pakistani economy. Macroeconomic stability strengthened, signaling a gradual recovery from past challenges. Inflation, a longstanding concern, began to decline steadily, supported by a relatively stable exchange rate. The narrowing of the current account deficit reflected improvements in the trade balance, providing a more predictable economic landscape for businesses and consumers alike.
Despite these positive developments, challenges persist. Consumer purchasing power continues to recover at an uneven pace, and businesses must remain agile in navigating shifting market dynamics. Nevertheless, the company remains optimistic and committed to its strategy, confident in its ability to thrive in an ever-evolving business landscape.
The board of Wafi Energy Pakistan Limited has played a crucial role in steering the company forward amidst this transformation. Following all applicable laws, the board has diligently fulfilled its responsibilities, ensuring effective oversight of management's performance and setting strategic objectives for the company's long-term success. The board's unwavering commitment to strong corporate governance remains a focal point, emphasizing accountability, transparency, and value creation.
Supported by key board committees, including the Board Audit Committee and the Human Resource and Remuneration Committee, Wafi Energy has continued to strengthen corporate decision-making processes. These committees have played a critical role in identifying areas for improvement, ensuring that governance frameworks remain robust and aligned with best practices. The company has also maintained a strong focus on compliance, with all related parties' transactions approved by the board following recommendations from the Board Audit Committee.
Reflecting on the past year, the company's leadership expressed pride in the collective efforts of their teams, who have been instrumental in propelling Wafi Energy Pakistan Limited forward. Looking ahead, the company is optimistic about the vast opportunities before them, with a clear strategy and strong leadership poised to drive significant growth in Pakistan's energy landscape.
To shareholders, customers, and stakeholders, the company extended gratitude for their invaluable trust and support, expressing confidence in shaping a brighter, more sustainable future together.