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Samroc Concludes R533m SacOil Acquisition

Samroc Concludes R533m SacOil Acquisition

JSE-listed exploration and development junior Samroc on Friday announced that it had finalised the acquisition agreement of fuel producer SacOil for a total consideration of R533,1 million.

The payment would partly be settled by the issue of about 474,45 million Samroc shares at a price of 105c a share, which represented a discount of 10% to the volume weighted average trading price of Samroc shares.

The balance would be a loan advanced and payments made in the amount of R18,73 million.

Following the implementation of the transaction, the company would be the South African registered holdings company of interests in the oil concession, located in the Democratic Republic of the Congo, and would be able to effectively fund an exploration and development programme in the Albertine Graven area.

Source: Engineering News

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