South Sea Petroleum bid to sell 48% of RP unit fails
South Sea Petroleum Holdings Ltd. said its bid to sell 48 percent of unit South Sea Petroleum (Philippines) Corp. will not proceed.
Company secretary Lam Lee Yu said US financial investor RTM Financial Corp. had decided not to proceed with a preliminary agreement to buy a significant stake in South Sea Petroleum (Philippines).
The stake was priced at $36 million.
“The only reason stated in the written notice for terminating the agreement was the prolonged delay of completion (of the transaction),” said Lam.
($1 = HK$7.8)
