Gulf Petrochem open offer to public shareholders of Sah Petroleums Ltd at Rs15.70/share
Sharjah, October 08, 2014: 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.