Sector News

Fosun Completes Roc Oil Acquisition

November 19, 2014
Fosun International Ltd. reports that its wholly owned subsidiary Transcendent Resources Ltd. has closed the acquisition of Roc Oil Co. Ltd. (ROC), acquiring 92.6% of ROC’s outstanding share capital.
ROC is an Australian independent upstream oil and gas exploration, development, and production company with a significant presence in China, Malaysia, Australia, and UK’s North Sea regions. China’s production accounts for 72% of ROC’s total production. ROC’s current oil and natural gas assets include a portfolio of exploration and development assets. Producing fields include China’s Bohai Bay Z oil field, South China Sea’s K oil field, Malaysia’s PSC oil field, UK’s North Sea B&E oil field, and Australia’s H oil field; fields under exploration and appraisal include Malaysia’s RSC project, China’s Bohai Bay field. Last but not least are South Sea’s eighth east oil field and Myanmar’s offshore oil field.
ROC has proven and probable reserves of 17.4 million barrels of crude oil. In 2013, ROC produced 7,263 barrels of oil equivalent per day, with annual revenue of $251 million and gross profit of $96 million.
On Nov. 13, Zhao Bin, president of Fosun Energy Group, was elected by ROC’s board of directors to be the chairman of the board. On Nov. 10, Dr. Yuanlin Jiang, Yao Xu, and Qunbin Wang were appointed as non-executive directors of ROC. 
With the takeover completed, Fosun now plans to conduct a comprehensive strategic review of ROC’s operations. Subject to the outcome of this review, the current management team of ROC is expected to be retained and the ROC brand will be kept for continuing operations.
As Fosun has acquired at least 90% of all ROC shares on issue, it is entitled to compulsorily acquire all of the ROC shares on issue in accordance with the Corporations Act. Fosun has advised that it intends to proceed with compulsory acquisition in accordance with the Corporations Act. Fosun has further advised that it intends to procure that ROC be removed from the official list of ASX.
Source: Fosus

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Consumer Packaged Goods

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

How can we help you?

We're easy to reach