PetroAsian buys 46.77% stake in Topact to boost Kazakhstan presence

16 November 2012 08:31  [Source: ICIS news]

SINGAPORE (ICIS)--Hong Kong-listed PetroAsian said late on Thursday it has agreed to acquire a 46.77% stake in Topact Holdings in a deal worth $3.6m (€2.8m).

Topact Holdings is mainly engaged in the oil and gas business in Kazakhstan.

Topact Holdings holds the majority stake in Songkaer Petroleum, which is mainly engaged in the extraction and production of crude oil as well as natural gas in Kazakhstan, according to PetroAsian.

“[The PetroAsian] board considers that the acquisition represents a good opportunity to the group to further strengthen its participation in oil and gas industry in [the] international sense,” it added.

($1 = €0.78)

By: Fanny Zhang
+65 6780 4359

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