KS Energy Services consolidates oil, gas & marine distribution businesses
This will see the privatisation of Aqua-Terra Supply and SSH Corporation, to become wholly-owned subsidiaries of KS Distribution.
KS Energy said it will own 55 per cent of KS Distribution, while 44.375 per cent will be owned by funds managed by Actis, a private equity investor.
The remaining 0.625 per cent will be held by the CEO-designate of KS Distribution.
The business consolidation is expected to be completed in May this year, pending court approval.
KS Energy said the move will provide the platform to expand into other markets and create more synergy.
“The objective is to create better shareholder value by making the company and the group more efficient by putting the team together, have more cross-selling and have less inter-party transaction problems,” said Kris Wiluan, chairman and CEO of KS Energy Services.
Source: Channel NewsAsia