Union Gas Holdings has entered into a sale and purchase agreement (SPA) on August 24 with Union Energy Corporation (UEC) to acquire assets owned by UEC for a purchase consideration of $75 million.

The SPA follows a memorandum of understanding (MOU) signed between the two companies to negotiate the deal in June 2020.

The assets include the entire issued and paid-up share capital for three companies - Sembas (Asia) Trading, Semgas Supply, and Summit Gas Systems. In addition, UEC will also sell 71 commercial vehicles owned by Semgas (S) and Choon Hin Gas Supply, both of which are wholly-owned subsidiaries of UEC, to Union Gas.

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