Wafi Energy Pakistan Limited appoints Zubair Shaikh as interim CEO

The Board of Directors (BoD) of Wafi Energy Pakistan Limited, formerly Shell Pakistan Limited, has appointed Zubair Shaikh as interim Chief Executive Officer (CEO) following the departure of Waqar I. Siddiqui.

The listed company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.

“Further to our announcement dated October 10, 2024, we would like to inform you that Waqar I. Siddiqui will step down as CEO of Wafi Energy Pakistan Limited (formerly Shell Pakistan Limited) on January 31, 2025.

“The Board of Directors of Wafi Energy Pakistan Limited have appointed Zubair Shaikh as the interim Chief Executive Officer (CEO) of the company, effective February 1, 2025,” read the notice.

On Tuesday, Shell Pakistan Limited (SHEL) officially changed its name to ‘Wafi Energy Pakistan Limited’, following the issuance of a Certificate of Incorporation on Change of Name by the Securities and Exchange Commission of Pakistan (SECP).

The change follows Wafi Energy Holding Limited’s (Wafi) acquisition of an additional 22,165,837 ordinary shares of SHEL, representing approximately 10.36% of the company’s total issued share capital.

In July, Saudi Group Asyad Holding through UAE-based Wafi Energy Holding Limited acquired 165,700,304 or 77.42% shareholdings and control of Shell Pakistan Limited.

Wafi now holds 187,866,141 ordinary shares of SHEL, representing approximately 87.78% of the total issued share capital of the company.

Meanwhile, the previous parent company, Shell Petroleum Company Limited divested its shareholding in SHEL.

The divestment process began in June 2023 when Shell Pakistan Limited announced that its parent company, Shell Petroleum Company Limited (SPCo), had notified its intent to sell its shareholding in the Pakistani entity.