Actis, the emerging markets private equity and infrastructure investor, has committed $101 million to the creation of Singapore-based KS Distribution, which it aims to make Asia’s largest oil & gas and marine products distribution business.
The deal, which is worth $230 million in total, sees Actis take a 44.375 percent stake in the new business with KS Energy, the Singapore-listed energy services provider, holding 55 percent and KS Distribution chief executive Koh Soo Keong the remaining 0.625 percent.
The investment reached completion after a four-month process that started last December ended with the Singapore Courts giving their approval of inter-conditional schemes of arrangement in respect of Aqua-Terra Supply and SSH Corporation – an oil & gas supply firm and provider of industrial materials respectively – which now become wholly owned subsidiaries of KS Distribution.
KS Energy is chaired by Indonesian entrepreneur Kris Wiluan, who was estimated to be worth $240 million last year by Forbes magazine, making him one of the 40 wealthiest businessmen in the country. In a statement, he said Actis’ investment “facilitates my long-held vision of building the region’s leading integrated energy supply and services hub”.
Last week, Actis announced it was teaming up with Indian conglomerate Tata to invest a combined $200 million in a joint venture vehicle targeting Indian road and highway project work worth an aggregate total of $2 billion.