M Edition > MIG Affiliates > WeConnect Tech diversifies into oil and gas

Affiliates

WeConnect Tech diversifies into oil and gas

Share via

According to petroleum industry experts, there will be major structural shifts to the market within the next five years, with China set to become the world’s largest gas importer, and rising supplies from the US, with the industry replacing power generation as the leading growth sector. These projected shifts led Dato’ Brian Wee, Group CEO of WeConnect Tech International Inc (WECT) and MIG Group, to envisage a promising future for the industry, notwithstanding the tough challenges that remain.

GF's logo
WeConnect's logo

To seize this opportunity, WECT is taking a 60% stake in GF Offshore, a Malaysian oil and gas trading company, in a conditional share exchange agreement inked on 18 March 2019. As a result, GF Offshore will become a direct subsidiary of WECT.

Speaking at the signing ceremony, Dato’ Brian said: “This strategic alliance with GF Offshore is a positive move for WECONNECT to expand our business and diversify into the lucrative oil and gas sector. The board of directors of WECT has unanimously determined that the share exchange and the transactions are advisable, fair to and in the best interests of the shareholders of both entities. We believe this will bring our business to the next level.”

Dato’ Sri Mahendran Chelladorai, CEO of GF Offshore, added, “Our team of experts have been in the oil and gas industry for more than two decades and we have excellent support from local and international suppliers as well as clients. We are pleased to be partnering with WECT in our united aim to drive our business forward.”

The agreement was signed by Dato’ Brian, Dato’ Mahendran, and Margarete anak George Mitol, Director of GF Offshore, withessed by Dato’ Stanley Wong, Group COO of WECT and MIG Group.

PREVIOUS ARTICLE

Enchanting jewellery : Made to be treasured
NEXT ARTICLE

Growing your wealth portfolio
Recommendation


AFFILIATES
Get more out of life with HealthLand
What’s better than spending the day indulging yourself with a well-deserved spa experience? Having your family joining in the fun, of course.


LEARNING
Five signs your business is stagnating
Reaping handsome rewards when profits begin rolling in for the business you’ve so painstakingly grown in is a fantastic feeling for every entrepreneur.


LOVING
Hari Raya cheer for senior folks
Led by our MIG Group CEO and COO Dato’ Brian and Dato’ Stanley, MIG brought festive cheer to the elderly folks at Pusat Jagaan Al-Fikrah Malaysia in Kajang for the Hari Raya celebration this year.


AFFILIATES
Enchanting jewellery : Made to be treasured
Vinstella – the amalgamated name of its husband-and-wife founders, Vincent Tay and Stella Ng – has a romantic beginning.