Gulf Petrochem makes open offer to public shareholders of Sah Petroleums Ltd.
Wednesday, October 8th, 2014
UAE, 8th October, 2014: Gulf Petrochem Group has announced that it 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.
The open offer will commence on October 10th, 2014 and is scheduled to close on October 28th, 2014. . 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.
“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 Mr. Sudhir Goyel, Managing Director, Gulf Petrochem Group.
Sah Petroleums is amongst the leading lubricant manufacturers 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 in refining, storage terminals, trading & bunkering, bitumen and grease manufacturing and shipping and logistics.