Union Gas shareholders vote in favour of Union Energy Corporation assets acquisition

Khairani Afifi Noordin
Khairani Afifi Noordin12/27/2021 3:5 PM GMT+08  • 2 min read
Union Gas shareholders vote in favour of Union Energy Corporation assets acquisition
99.7% votes received were in favour of the proposal.
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Union Gas Holdings has received strong shareholder support for its proposed acquisition of assets owned by Union Energy Corporation (UEC), with 99.7% votes received in favour of the proposal at an extraordinary general meeting on Dec 27.

Following an earlier announcement on Aug 25, the proposed acquisition of Sembas (Asia) Trading, Semgas Supply, and Summit Gas Systems will pave the way for the strategic upstream expansion of Union Gas’ liquefied petroleum gas (LPG) business segment into the bottling and storage business, the company said in a statement.

Targeted to be completed by Dec 31, the proposed acquisition is at a consideration of $75 million. It involves the purchase of assets comprising two bottling plants and a sizable amount of support infrastructure including six LPG storage depots, 71 delivery vehicles and an entire commercial and industrial sales team.

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