India, Aug. 26 -- SEPC Ltd has received in-principle approval to expand into petroleum trading in the UAE through the proposed 100% acquisition of Wintality Petroleum FZE, a company engaged in the import, export and global trading of refined petroleum products.
As part of the transaction, SEPC's wholly owned UAE subsidiary, SEPC FZE, Sharjah, will restructure its share capital and reserves to facilitate the acquisition through a non-cash share-swap arrangement. Following the restructuring, SEPC Ltd is expected to retain a 95.75% stake in the UAE subsidiary.
Wintality Petroleum will become a step-down subsidiary of SEPC Ltd upon completion of the proposed transaction and receipt of the necessary approvals.
The company said the deal will a...