Prior to this acquisition and disposal, Energem held a total of 4,070,676 BowLeven ordinary shares, an approximate 5.5% interest in the issued equity of BowLeven. Of the BowLeven shares 3,587,231 were held in 86% owned GGPC - GGPC's sole asset - and 483,445 through wholly owned subsidiary Energem Petroleum Corporation Limited (EPCL).
Energem, through wholly owned subsidiary EPCL, has acquired the remaining 14% interest in GGPC in exchange for the 483,445 BowLeven shares held by EPCL resulting in GGPC becoming an indirectly held wholly owned subsidiary of Energem.
Energem, through wholly owned subsidiary GGPC, has disposed of its remaining BowLeven shares to two institutional investors, for a consideration of US$14.54 million.
The cash proceeds of the sale are being used to settle US$8.5 million of convertible debenture loan note liabilities and other short-term loan notes with the balance being earmarked for Energems bio-fuels projects.
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