As per the company, the existing share capital of SEPC FZE, comprising one share of AED 150,000, will be subdivided into 1,500 shares of AED 100 each.
A further 38,500 shares of AED 100 each will be issued out of the capitalisation of reserves, creating a total equity pool of 40,000 shares.
The Board has provided in-principle approval for SEPC FZE to obtain full ownership of Wintality Petroleum FZE, a UAE-based company involved in the import, export, and international trading of refined petroleum products. Upon completion, Wintality will be classified as a step-down subsidiary of SEPC Limited.
Commenting on the matter, Venkataramani Jaiganesh, Managing Director, SEPC Limited, said: “This structure allows us to build scale in the UAE using value already created within our own subsidiary. We acquire a full operating platform in refined petroleum trading, retain 95.75% ownership of our Sharjah arm, and do so without any cash outflow from the parent company. It is a capital-efficient step towards broadening SEPC’s international footprint beyond project execution.”
Earlier this month, the company was in the spotlight when it secured an order worth ₹854.57 crore from Steel Authority of India Ltd’s (SAIL) IISCO Steel Plant (ISP), Burnpur, for work related to its crude steel expansion project.
This contract, awarded by the domestic steelmaker, is valued at ₹854.57 crore (net of input tax credit) and is to be executed within 32 months from the effective date of the contract.’
The shares of SEPC have risen over 4% today. However, in the recent past, the company stock has not had its best time. The company’s shares have seen a decline of 48.40% in the past year.
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