The COTCo owns and operates the 903km
The pipeline has a 250 Kbopd nameplate capacity and is the only international export route for oil production in
In consideration for the sale of the Shares, SNH will pay a cash consideration of
The consideration, when received, will be used by the Savannah group for part repayment of existing debt facilities.
Completion of the transfer of the Shares from SMIL to SNH will result in SMIL shareholding in COTCo reducing from 41.06 per cent to 31.06 per cent.
Completion shall occur upon satisfaction of certain conditions precedent related to amendments to the bylaws of COTCo and is expected to occur in H2 2023.
SMIL will retain the right to the dividend attaching to the Shares until the date of payment of the Consideration.
Pursuant to the terms of the SPA, SNH and SMIL have pledged, inter alia, their support of one another as shareholders in COTCo.
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