JOHANNESBURG - Shell and Thebe Investment Corporation has been in confidential talks to discuss developments around Shell's exit from the downstream business.
In a statement, Thebe says the reason for Shell's exit isn't because of a dispute between the two entities. They say Shell made its decision, after Thebe reviewed its investment in Shell Downstream SA.
Thebe indicated already in 2022 that they want to sell their shares. But Shell disagreed with the valuation that was on the table.
Despite several meetings last year to try and resolve the valuation differences, no agreement has been reached.
Let's bring in Dr Molefe Tsele, non-executive director at Thebe