Soco admits talks to sell most of assets
13-OCT-2008 Intellasia | uk.bis.yahoo.com
Oct 13, 2008 - 7:00:00 AM
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Oil and gas group Soco International (LSE: SIA.L -news) rallied hard Friday after receiving an early stage bid approach.
Confirmation that a deal is in the pipeline boosted the company's value by a fifth to more than UK pound 1bn. Talk is that Chinese group Sinochem Petroleum Exploration & Production is interested.
"The board of Soco can confirm that it has received a very preliminary approach regarding the sale of a majority of the company's asset portfolio," a short statement read.
"There can be no certainty that any transaction will occur or as to the terms of any such transaction."
The firm, which has interests in Vietnam, Thailand, Angola and the Congo, made a profit before tax of US$392.5m in the first half of 2008 following the sale of its Yemen interest for around US$465m.
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