Reliance signs agreements for sale of its interest in GAPCO
Mumbai, May 31 (IBNS): Reliance Exploration & Production DMCC, an indirect wholly owned subsidiary of Reliance Industries Limited (RIL) and Total, have executed agreements on Monday for the sale of the entire 76% interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO).
The proposed transaction is subject to regulatory approvals and other closing conditions that are customary for similar transactions.
GAPCO is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are primarily engaged in petroleum product import, and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.
Since the acquisition of 76% equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown and is one of leading petroleum marketing company in East Africa, which now operates 108 retail outlets and owns 260 TKL of storage capacity.
REPDMCC’s agreement to sell its interest in GAPCO is part of a joint transaction, wherein both REPDMCC and the Minority Shareholder have agreed to sell their entire respective holdings in GAPCO for cash.
The net proceeds for the sale will be finalized on completion of the transaction which is expected to be within the coming months.
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