Aabar buys remaining shares of Singapore’s Pearl Energy
Posted: 29 May 2006
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Aabar Petroleum Investments Company (Aabar) said it has closed its offer for Pearl Energy, a Singapore-based exploration and production company, on 26 May 2006.
 As at the close of the offer, the total number of Pearl Energy shares owned, controlled or agreed to be acquired by Aabar and parties acting in concert with it and v alid acceptances of Aabar’s offer for Pearl Energy amounted to in aggregate 430,468,749 Pearl Energy shares. The shares represent approximately 97.04% of the issued share capital of Pearl Energy.
This paves the way for Aabar to acquire the remaining shares of Pearl Energy by exercising its rights of compulsory acquisition under Singapore law. Following the close of the Offer, Aabar intends to delist Pearl Energy from the Singapore Exchange Securities Trading Limited and make Pearl Energy a wholly-owned subsidiary of Aabar.
Sohail Al Mazrui, Aabar Chairman said, "The Board of Directors of Aabar is delighted with the outcome of Aabar's offer for Pearl Energy. The acquisition of Pearl Energy marks a key milestone in the development of Aabar as a leading E&P company.”
Mazrui also added that the Aabar team looked forward to working closely with the outstanding management and employees of Pearl Energy, who have successfully developed South East Asia's leading independent E&P Company.
“One of Aabar's key objectives for Pearl Energy is to maintain a highly motivated management and workforce to further a highly successful track record" he said.
The acquisition of Pearl Energy by Aabar was carried out in several phases, the first of which was when Aabar entered into an option agreement in January 2006 to acquire 48.29% of Pearl Energy's shares at the price of S$1.95 (circa AED 4.42) per share from Indonesia-based Austindo Group.
Following this, Aabar announced on March 30, 2006 a cash offer to acquire all of the remaining shares of Pearl Energy in issue that were not already owned, controlled or agreed to be acquired by Aabar and the parties acting in concert with it at the same offer price of S$1.95 (circa AED 4.42) per share.
The offer closed with Aabar receiving v alid acceptances amounting to 430,468,749 shares from Pearl Energy shareholders. In Aabar’s offer document to Pearl Energy shareholders dated 13 April 2006, Aabar had stated that its intention is that Pearl Energy continues its existing business activities. In line with its strategy to grow in the upstream oil and gas sector, Aabar intends to support Pearl Energy in the continued development of its existing portfolio of assets within Southeast Asia.
Aabar is keen for the existing management and staff of Pearl Energy and its subsidiaries to continue to pursue and develop opportunities available in the Southeast Asia region and in other regions.
Aabar Petroleum is a UAE-based company with a focus on E&P and drilling services. The company was listed on the Abu Dhabi Securities Market in November 2005. Aabar's strategy is to grow in the upstream Oil & Gas sector and in the oil field services sector through the acquisition of existing companies with proven track records.
Aabar completed the acquisition of Abu Dhabi-based Dalma Energy for $100 million in July 2005. Dalma Energy owns and operates 18 land based drilling rigs in Saudi Arabia, Oman, Qatar and India, with a further four on order.
As at close on 26 January 2006, Aabar's shares were trading at AED4.33/ share, with a market capit alisation of AED 3,897 million.
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