Puma moves to acquire Ogaz in $3.4m deal

Puma Zambia PLC has entered into a transaction agreement with Ogaz Zambia Limited for the purchase of its petroleum assets at a cost of US$3.4 million.

Puma Zambia intends to acquire Ogaz’s Liquefied Petroleum Gas (LPG) related assets at the total cost of US$3.4 million.

This is according to the market update posted on Lusaka Security Exchange (LuSE) on Thursday.

It stated that as at January 25, 2023, the market value of Puma was K800 million.

In a market update, the company indicated that the percentage ratio of the consideration was US$3.4 million or K64.600 million as at January 25, 2023 exchange rate.

“The Board of Directors of Puma Energy Zambia Plc wishes to inform shareholders and the market that, Puma has entered into a transaction with Ogaz Zambia Limited whereby the company will acquire Ogaz’s Liquefied Petroleum Gas related assets,” it stated.

According to the market update, Puma intends to purchase LPG plant, two tanks of 50 tonnes each commissioned in 2012 and 2015, sitting on a plot of 7,082 meter square in Lusaka’s industrial area with cylinder filling facilities.

“Puma intends to purchase the following LPG assets from Ogaz a pool of 37,000 LPG cylinders, supply agreements with resellers, trucks and various miscellaneous items,” it stated.

It indicated that they have agreed to make a transaction of US$3.1 million payable upon completion and balance of US$300,000 payable over 18 months period.