Dubai: UAE-based Gulf Petrochem Group has made an open offer to acquire 26% of Sah Petroleums Ltd, a leading manufacturer of industrial and automotive oil lubricants in India, from its public shareholders. This follows the group's 72.23% acquisition of the company on 31st July 2014, pursuant to a share purchase agreement.
The open offer has been made by Gulf Petrochem's subsidiaries, Gulf Petrochem Energy Private Ltd and Gulf Petrochem Pte Ltd to acquire 13,255,940 equity shares representing 26% of Sah Petroleums Ltd's share capital at a price of Rs 15.70 per share.
"This acquisition fits our strategy to enhance Gulf Petrochem Group's standing as a global conglomerate operating in the oil space. It further consolidates our integrated portfolio by extending our capabilities to manufacture, supply and globally distribute a wider variety of products, from base oils to finished lubricants." said Sudhir Goyel, managing director of Gulf Petrochem Group.
Gulf Petrochem specialises in oil trading and bunkering, oil refining, oil storage terminals, and shipping and logistics. [13/10/14]