Shell confirms "several" parties eying South African retail business

(Alliance News) - Shell PLC said on Tuesday it has been approached by "several highly credible ...

Alliance News 7 May, 2024 | 2:25PM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Shell PLC said on Tuesday it has been approached by "several highly credible parties" interested in its retail business in South Africa.

The London-based oil major revealed on Monday it planned to divest Shell Downstream South Africa (Pty) Ltd, which operates over 600 service stations.

Thebe Investment Corp hold 28% of Shell Downstream South Africa and Shell owns the rest.

The oil giant said it had taken the decision to exit South Africa as part of its intention to "reshape" its downstream portfolio.

Shell Downstream South Africa told Alliance News on Tuesday it will work to preserve the Shell-branded service stations under new ownership via brand licensing agreement.

"Shell has been approached by several highly credible parties, which cannot be disclosed at this stage due to confidentially agreements," Pam Ntaka, spokesperson for Shell Downstream South Africa, told Alliance News.

"Over more than 120 years in South Africa, Shell has built an enormous legacy that we can all be proud of," the company said in a statement on Monday.

Shares in the London-based oil major rose 1.4% to 2,898.50 pence on Tuesday afternoon in London.

By Artwell Dlamini, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Shell PLC 2,606.30 GBX 0.47

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures