SEPC to enter UAE petroleum trading biz by acquisition of Wintality Petroleum FZE

In a share-swap deal executed through its subsidiary - SEPC FZE

SEPC announced that its Board has approved a restructuring of the equity and capitalisation reserves of its wholly owned UAE subsidiary, SEPC FZE, Sharjah ? enabling the acquisition of a UAE petroleum trading business entirely through non-cash consideration.

The existing share capital of SEPC FZE, comprising one share of AED 150,000, will be subdivided into 1,500 shares of AED 100 each. A further 38,500 shares of AED 100 each will be issued out of capitalisation of reserves, creating a total equity pool of 40,000 shares.

Of this enlarged pool, only 1,700 shares (4.25%) have been earmarked as non-cash consideration for the share swap. The balance 38,300 shares will be issued to SEPC as fully paid-up shares by capitalisation of reserves, leaving the parent with a post-issue holding of 95.75% in SEPC FZE, Sharjah.

The Board has separately granted in-principle approval for SEPC FZE to acquire 100% of Wintality Petroleum FZE, a UAE entity engaged in the import, export and global trading of refined petroleum products. On completion, Wintality will become a step-down subsidiary of SEPC.