Gulf Oil divests stake in RI subsidiary
Tuesday, October 1 2013 - 04:02 AM WIB
India-listed Gulf Oil Corporation said on Monday that the board has approved the divestment of the company?s three subsidiaries including Gulf Oil Indonesia (75% holding), Gulf Oil Yantai (51% holding), and Gulf Oil Bangladesh (51% holding).
The company said in a filing to the Bombay Stock Exchange that the board was advised by a reputed valuer on the valuation of the three subsidiaries and accordingly the decision has been taken by the board to divests the holdings in the three subsidiaries for an overall amount of around Rs 549 crores (cost of investment Rs 291 crores).
Accordingly, the steps will be taken to operationalize the divestment over the next 2-3 months taking into account regulatory requirements if in the respective countries, the statement said.
This divestment would help the company to focus on the Lubricants business in India and grow further with the demerger of the Lubricant business into a listed company namely Gulf Oil Lubricants India.
Editing by Reiner Simanjuntak