Australian AGL buys remaining 50 % of Chile's Gas Valpo

Jul 05, 2000 02:00 AM

Australian Gas Light Company said that AGL moved to 100 % ownership of Chile's Gas Valpo, by buying the remaining 50 % of the shares for A$ 36.6 mm.

Gas Valpo is the leading natural gas distributor in Chile's region V around Valparaiso, where the government is based.
AGL bought the remaining 50 % of the company from LPG distributor Lipigas. AGL had originally bought 50 % of Gas Valpo in 1998 for $ 25.7 mm. AGL's managing director Len Bleasel said the Gas Valpo purchase will provide AGL with an ideal development opportunity in South America. "During the next growth phase for AGL, we believe we needed to be in full control at this time to insure we can create a suitable base on which to build future business in areas outside Australia," Bleasel said.
Bleasel added AGL believes Gas Valpo's 20,000 customer-base will increase to 50,000 after the gas pipelines in the region are fully converted to suit natural gas distribution. The conversion work is in progress.

Source: Bridge News via Newspage
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