SOCO International Company announced completing the acquisition of Merlon Petroleum El Fayum Company from Merlon International, Egypt Oil & Gas reports.
The company agreed with Merlon on the acquisition in exchange of around $136 million in cash, as well as issuing 65,561,041 new ordinary shares of SOCO to Merlon International.
“Prior to their issuance, the Consideration Shares represented 19.75% of SOCO’s issued share capital or 16.49% of SOCO’s issued share capital as enlarged by the Consideration Shares,” the company said in a statement.
The shares will be issued to Merlon International for the completion of the transaction, with an obligation for Merlon to distribute them between its shareholders within 30 days.
Merlon will pay an assignment fee regarding the transaction to the Egyptian General Petroleum Corporation (EGPC).