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DCC to acquire Shell LPG Hong Kong and Macau

05 April 2017 09:29

DCC said it continued to expect results for the year ended 31 March to be significantly ahead of last time and announced that DCC Energy had agreed to acquire Shell's LPG business in Hong Kong and Macau based on an enterprise value of HK$1.165 billion.

DCC said the business - one of the leading LPG businesses in Hong Kong and the market leader in Macau - was required to be separated from the broader Shell Hong Kong operations and the transaction required certain regulatory consents and operating licence approvals.

DCC said the acquisition was expected to complete before the end of the group's financial year ending 31 March 2018.

DCC also said it continued to expect that both operating profit and adjusted earnings per share for the year ended 31 March 2017 would be significantly ahead of the prior year and in line with current market consensus.

It also announced that Tommy Breen, who became chief executive in May 2008, had decided to retire from the group after over 30 years of service.

DCC said he would stand down from his position and from the board following the conclusion of the annual general meeting on 14 July and would be succeeded by Donal Murphy, executive director and managing director of DCC Energy, the group's largest division.

At 9:29am: (LON:DCC) DCC PLC share price was +127.5p at 7147.5p

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