In a significant development that has shaken the energy landscape in Pakistan, Shell Pakistan Limited (SHEL) has officially rebranded to Wafi Energy Pakistan Limited.
The listed company announced the change to the Pakistan Stock Exchange (PSX) on Wednesday, revealing key shifts in leadership and corporate ownership.
Leadership Transition: Waqar I. Siddiqui Steps Down
On January 31, 2025, Waqar I. Siddiqui will step down as the Chief Executive Officer (CEO) of Wafi Energy Pakistan Limited.
This decision comes after years of steering Shell Pakistan toward stability and growth in the volatile energy sector.
The Board of Directors, recognizing his invaluable contributions, has appointed Zubair Shaikh as the interim CEO starting February 1, 2025.
The rebranding of Shell Pakistan to Wafi Energy Pakistan Limited is rooted in a strategic acquisition made by Wafi Energy Holding Limited.
Earlier in October 2024, the company acquired an additional 22,165,837 ordinary shares of Shell Pakistan, representing approximately 10.36% of the total issued share capital.
The journey toward Wafi Energy Pakistan began much earlier, in July 2024, when Saudi Group Asyad Holding through UAE-based Wafi Energy Holding Limited acquired a substantial 165,700,304 shares—around 77.42%—of Shell Pakistan Limited.
The dominance of Wafi Energy Holding Limited in Shell Pakistan was cemented with the acquisition of a total of 187,866,141 ordinary shares, representing 87.78% of the total issued share capital.
Wafi Energy’s Strategic Vision for Pakistan
Wafi Energy Pakistan Limited is now poised to lead the energy sector with a fresh strategic vision.
As the new majority stakeholder, the company plans to expand its market footprint by diversifying its energy portfolio.
The focus will be on sustainability and clean energy initiatives, aimed at addressing Pakistan’s growing energy needs.
The rebranding reflects this shift in focus, aligning Wafi Energy with international energy standards while catering to the local market's unique requirements.
The rebranding from Shell to Wafi Energy Pakistan signifies more than just a change in name; it marks the beginning of a new era for Pakistan’s energy sector.
Wafi Energy aims to leverage its financial strength, market expertise, and commitment to innovation to become a key player in the country’s energy landscape.
