Aegis completes Gas Terminal acquisition
Aegis Logistics Ltd has completed the acquisition of Hindustan Aegis LPG’s 20,000 MT Gas Terminal as part of its expansion plans in the LPG business. The Gujarat High Court has accorded approval to the Demerger Scheme of Hindustan Aegis LPG Ltd’s Throughput Undertaking and the Scheme is effective April 1, 2007.
At the meeting held on 27th March, 2008, the Board of Directors of Aegis Logistics Ltd. has approved the establishment of a wholly owned subsidiary in Singapore to pursue business opportunities in the Port Infrastructure sector, and to assist in procurement of Petroleum products.
The Board has also approved the Scheme of Arrangement for merger of Tapi Finvest India Pvt. Ltd., an investment company of the Group into Aegis. Post merger, there will be a net reduction of 117,327 Aegis shares outstanding and a corresponding increase in Earnings per Share for Aegis.
Mr. S K Hazra, who retires on 31st March, 2008 as Managing Director of the Company has been appointed as Executive President and Mr. Raj K Chandaria and Mr. Anish K Chandaria has been appointed as Joint Managing Directors.
Sourced From: Pressman India
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