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Gulf Petrochem
Source Name: Gulf Petrochem

Gulf Petrochem Open Offer to Public Shareholders of Sah Petroleums Ltd at Rs15.70/share

Oct 08, 2014   21:25 IST 
India; Sharjah, United Arab Emirates

Gulf Petrochem Group, a UAE-based leading player in oil space, today announced that it has made an open offer to acquire upto 26% of Sah Petroleums Ltd, a leading manufacturer of industrial and automotive oil lubricants in India, from its public shareholders

 

The open offer has been made by Gulf Petrochem’s subsidiaries: Gulf Petrochem Energy Private Ltd and Gulf Petrochem Pte Ltd to acquire upto 13,255,940 equity shares representing 26% of Sah Petroleums Limited’s share capital at a price of Rs 15.70 per share.

 

The open offer open on October 10th, 2014 and is scheduled to close on October 28th, 2014. Gulf Petrochem Energy Private Ltd and Gulf Petrochem Pte Ltd acquired 72.23% in Sah Petroleums on July 31st, 2014 pursuant to a share purchase agreement. This open offer is being made in accordance with the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

 

The timing of this deal is perfect as India gears up for its ‘Make in India’ campaign and the government keen to shape business friendly policies, especially in the oil sector, which is set to open anytime now. This acquisition fits our strategy to make Gulf Petrochem Group a global conglomerate operating in oil space and have an integrated portfolio and also extend its capabilities to manufacture, supply and globally distribute a wider variety of products, from base oils to finished lubricants.” said Mr. Sudhir Goyel, Managing Director, Gulf Petrochem Group.

 

Sah Petroleums is amongst the leading lubricant players in the country. It specializes in industrial lubricants, automotive lubricants, process oils, transformer oils, greases and other specialties under the brand name IPOL in India and overseas.

 

The acquisition will further bolster Gulf Petrochem Group’s offerings which are currently divided into six divisions, i.e. refining, storage terminals, trading & bunkering, bitumen and grease manufacturing and shipping and logistics.

 

About Gulf Petrochem Group:

Gulf Petrochem Group is a leading player in the oil industry, specializing in Oil Trading and Bunkering, Oil Refining, Grease Manufacturing, Oil Storage Terminals, Bitumen Manufacturing, and Shipping and Logistics. Headquartered in United Arab Emirates, and having a presence in South Asia, the Far East Asia, Africa and Europe, Gulf Petrochem has emerged as one of the well-established manufacturers and traders of petroleum products in major parts of the world.

 

About Sah Petroleums Ltd:

Sah Petroleums Limited, an ISO 9001:2008 & EMS 14001:2004 certified company, specializes in designing, manufacturing and marketing, industrial & automotive lubricants, process oils, transformer oils, greases and other specialties under the brand name IPOL in India and internationally for more than three decades.

 

For further information please contact:

 

Stephanie Alviso

Gulf Petrochem Group

Tel: +97165264944 Ext. 238

stephanie.alviso@gulfpetrochem.com

 

Hiral Vora/Neha Saha

Adfactors PR

Tel: 91-022-6757 4222

hiral.vora@adfactorspr.com

neha.saha@adfactorspr.com

energy@adfactorspr.com


 
 
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