This marks Repsol's first venture into the South-east Asian market.
"Instead of going along with what we had, we decided we could do more by looking for a good local partner, and with the right relationship, we can be part of the growth in South-east Asia," she said. Based on the latest audited consolidated financial statements for FY18, United Global's net profit was about US$7.6 million. Assuming that the deal was completed on Jan 1 last year, it would result in a net profit of US$75 million, including the estimated gain from the sale shares of US$27.2 million and gains from the re-measurement of the remaining 60 per cent of United Oil's shares of US$40.7 million. This translates to US$0.2373 per share.
"But those are regular challenges that you have every time you start a new business and you want to expand to new geographies with new partners," she noted.
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