Wafi Energy Pakistan Limited (formerly Shell Pakistan Limited), a leading Saudi-based energy company, has approved the establishment of a wholly owned subsidiary in Dubai as part of its strategy to expand business and commercial operations beyond Pakistan.
The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.
It said that the new company will be established in the Dubai Free Zone of Dubai Multi Commodities Centre (DMСС) and will be will be 100% owned by Wafi.
“The Board of Directors of the company have also approved, subject to the approval of the State Bank of Pakistan (SBP) and all other applicable statutory and legal requirements, investment of up to $500,000 by the Company in such wholly owned subsidiary,” the notice read.
Last year, Wafi Wafi Energy reported a strong financial turnaround in 1QCY25, posting a net profit of Rs873 million, which is an increase of 178% year-on-year.
