(EnergyAsia, May 30) — Upstream company Pearl Energy will mark a short but highly successful stay on the Singapore Exchange once its takeover by UAE’s Aabar Petroleum is completed and its shares are delisted. As of May 26, Aabar Petroleum had acquired more than 97% of Pearl’s shares, with the rest expected to be mopped out shortly.
Pearl Energy shares were offered to the public at S$0.70 each, and began trading in April last year. After a series of high-profile successes finding and producing oil in Thailand and Indonesia, the company became the target of a takeover. (US$1=S$1.6).
Aabar’s offer of S$1.95 per share valued Pearl Energy at about S$865 million.
“The acquisition of Pearl Energy marks a key milestone in the development of Aabar as a leading E&P (exploration and production) company,” said Aabar’s chairman, Sohail Al Mazrui, in a statement. It added that Aabar plans to delist Pearl and make it a wholly owned subsidiary.