HK Stock Market Move | UNITEDENERGY GP(00467) surged over 4% recently as it plans to acquire all shares of AIEHI.

UNITEDENERGY GP (00467) rose by over 4%, reaching a rise of 4.17% at the time of writing, at 0.375 Hong Kong dollars, with a trading volume of 10.529 million Hong Kong dollars. On the news front, on February 7, UNITEDENERGY GP announced that the buyer, United Energy (MENA) Limited (a wholly-owned subsidiary of the company), and the sellers, Apex International Energy L.P. and the guarantor KEP (a wholly-owned subsidiary of the company), have signed a "Share Purchase Agreement". According to the agreement, the buyer conditionally agrees to acquire, and the seller conditionally agrees to sell, the target shares. KEP has agreed to guarantee the buyer's payment obligations related to the share purchase agreement. The target shares represent all of the issued share capital of AIEHI company. The purchase price for the target shares is 150 million US dollars. The announcement states that AIEHI is engaged in upstream oil and gas exploration and production in Egypt, where the group has a significant business presence. The acquisition of AIEHI is an extension and expansion of the group's upstream business in Egypt, and can leverage synergies with existing assets. This acquisition will allow the group to expand its reserve base, increase production levels, and contribute to the economic growth and social prosperity of Egypt. AIEHI currently holds 8 onshore concession rights in the Western Desert region of Egypt, with an average equity daily production exceeding 11,000 barrels by 2024.