Petrol firms merge to boost supplies

REATILE Gaz merged its operations with the South African liquefied petroleum gas business of petroleum company Engen to boost supplies across the country, Reatile said yesterday.

REATILE Gaz merged its operations with the South African liquefied petroleum gas business of petroleum company Engen to boost supplies across the country, Reatile said yesterday.

Reatile Gaz is a subsidiary of Reatile Resources, a black owned investment holding company involved in the mining, chemicals and strategic industrial sectors in South Africa.

Engen is 80percent owned by Malaysia's state firm Petronas, while the rest is held by South Africa's black-owned Worldwide African Investments Holdings.

Reatile has a significant presence in Gauteng, while Engen is strong in KwaZulu-Natal and Western Cape.

Reatile Gaz said the deal involve the issue of new shares in Reatile, with Reatile Resources holding 55percent and Engen 45percent of the equity.

The deal is subject to competition authority approval. - Reuters

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