ACQUISITION OF BERMUDA GAS MAIN LPG RETAILER IN BERMUDA
ACQUISITION OF ADDITIONAL 25% OF ERES GIVING RUBIS 100% OWNERSHIP
Gas Rubis has entered into a binding agreement to acquire Bermuda Gas & Utility Company Ltd from the Ascendant Group Limited, the parent company of Bermuda Electric Light Company Limited (BELCO) which is Bermuda's sole supplier of electricity. The consideration amounts USD 17.7 million plus final adjustments to reflect the working capital in the business on completion.
Bermuda Gas is the main LPG retailer in Bermuda, with 5 000 tons of cylinders and bulk distribution annually across the Island. Due to its unique import and storage infrastructure on the Island, Rubis was the former LPG supplier of Bermuda Gas.
By integrating the whole LPG distribution chain, this acquisition represents a strong add-on to Rubis’ existing position in this line of product.
Rubis is already a leading operator in fuel distribution in Bermuda, including retail, marine, commercial and lubricants representing an annual volume of 50 000 cbm.
Rubis has completed the purchase of the remaining 25% of the ERES/ASCA Group, following its acquisition of an initial 75% controlling stake in June 2015. Full ownership of the group will strengthen Rubis' position and help accelerate its bitumen development strategy in a sector enjoying promising outlook.
Eres Group is a leading specialist covering the whole chain of supply, trading, shipping and retail distribution of bitumen mainly in Western Africa.
First-quarter 2016 revenue: May 10, 2016 (after market closing)
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