United Energy Unit to Buy Oil and Gas Firm in Egypt; Shares Up 4%

MT Newswires Live

02-10

United Energy Group (HKG:0467) unit United Energy (MENA) agreed to acquire the entire issued share capital of Apex International Energy Holdings I from Apex International Energy for $150 million, a Feb. 7 bourse filing stated.

The target company engages mainly in upstream oil and gas explorations and exploitations in Egypt, allowing United Energy to expand its upstream business in the region.

Shares of the natural gas and petroleum company were up over 4% in recent trade.

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