Saudi group Asyad Holding has acquired a 77.42 percent stake in Shell Pakistan Limited, gaining control of the company.
The Competition Commission of Pakistan (CCP) approved the acquisition under Section 11 of the Competition Act of 2010, thereby confirming the deal and strengthening Pakistan’s retail oil industry.
Shell Pakistan Limited, listed on the Pakistan Stock Exchange, has a significant presence in the country’s retail motor gasoline and lubricant market. Wafi Energy LLC, a wholly-owned subsidiary of Asyad Holding Group, specializes in the management and operation of gas stations in Saudi Arabia. To explore investment opportunities in Pakistan, the group established Wafi Energy Holding Limited.
The CCP’s Phase-I competition assessment identified the relevant product markets as “Retail Fuel, Vehicle Lubricants, and Industrial Lubricants.” It noted that Shell Pakistan holds distinct shares in each of these markets, which will remain unchanged post-acquisition.
The analysis further indicated that Wafi Energy Holding Limited, even with direct ownership of Shell Pakistan, will not dominate these markets. Consequently, the CCP swiftly approved the transaction in accordance with Section 31 of the Competition Act of 2010.