Without specifying the specific percentage of shares that will be sold, Shell Pakistan Limited (SPL) said on Wednesday that the parent business Shell Petroleum business, which holds 77% of the local entity’s shares, would be leaving the nation.

The decision was made after the business faced large losses in 2022 as a result of currency fluctuations, the depreciation of the Pakistani rupee, and past-due debts.

The parent company informed its Board of Directors on Wednesday of its intention to sell shares in the subsidiary, according to a notice lodged with the Pakistan Stock Exchange (PSX) and a news statement released by the SPL.

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