Loyz Energy to acquire Primeline Energy for $145.7M

Loyz Energy Ltd., a Singapore-based upstream energy group, has entered into a binding memorandum of understanding (MOU) for the acquisition of Primeline Energy Holdings Inc. (PEH) by way of a scheme of arrangement for a consideration of $145.7 million (SGD 197.0 million).

PEH, a company listed on TSX Venture Exchange in Canada (TSX-V), is an independent oil and gas exploration and production company focusing exclusively on upstream opportunities in China. It owns exploration and development rights in the East China Sea, China, via two petroleum contracts, namely Block 25/34 and Block 33/07.

As at the date of the MOU, Victor Hwang Yiou Hwa holds, directly and indirectly, 60.1% of the issued and paid-up share capital of PEH, with the remaining 39.9% held by minority shareholders.

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