Business

Pakistan Refinery Limited, Air Link look to buy Shell Pakistan stake

Published

2 years ago

Farwa

PRL, Air Link interested to buy stake in Shell Pakistan.
Tell PSX in about intention to acquire 77.42% shares.
Shell Petroleum announced to exit Pakistan last month.

Pakistan Refinery Limited and Air Link Communication are seeking to buy a stake in Shell Pakistan, it emerged in a stock filing on Monday.

Shell Petroleum Company announced its exit from Pakistan with the sale of its 77% shareholding in the local business after Shell made several announcements about its global operations, in addition to citing economic challenges within Pakistan.

“We, Next Capital Limited, hereby submit a Public Announcement of Intention by Pakistan Refinery Limited and Air Link Communication Limited (collectively referred to as the “Acquirers”) to acquire 77.42% shares and control of Shell Pakistan Limited,” said Next Capital, which is managing the offer on behalf of the two companies, in a notice to the Pakistan Stocks Exchange (PSX).

“It’s a joint venture between PRL and Airlink. The details of shareholding between Airlink and PRL will be disclosed later,” Airlink CEO Muzzaffar Hayat Piracha told Reuters.

Entering the petroleum business is in line with Airlink’s goal of diversifying, Piracha said. Airlink is a smartphone distributor, manufacturer and retailer.

PRL is one of the five refineries operating in Pakistan and is a subsidiary of Pakistan State Oil Company Limited. PRL did not immediately respond to a request for comment.

Shell Pakistan suffered losses in 2022 due to exchange rates, devaluation of the Pakistani rupee and overdue receivables amid the country’s ongoing financial crisis and an economic slowdown.

Business

The NORINCO Group is invited by CM Sindh to explore opportunities.

Published

10 hours ago

Farwa

Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

Business

A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

Published

10 hours ago

Farwa

In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.