In a strategic move to spur growth and expand its foothold in the oil and gas industry, WeConnect Tech International Inc (WECT), an affiliate company of MIG Group, took a 51% stake in an oil producing company, OZ Seventy Five Holdings (M) Berhad (OZ75), in a conditional Share Exchange Agreement on 19 June 2019. OZ75 is one of the seven oil producing license holders in Malaysia. It also holds licenses for petrol stations, bunkering and transportation and wholesale operations for petroleum products. This strategic acquisition of OZ75 is a positive move for WECT to expand its business in the oil and gas sector. WECT believes with OZ75 on board, the smart partnership business model of its oil and gas business will be further strengthened and we will be able to accomplish greater feats gearing forward.
This agreement comes hot on the heels of WECT’s recent acquisition of integrated bunkering solutions provider GF Offshore Sdn Bhd (GF) and the smart partnerships signed by GF with various oil and gas corporations to provide bunkering services to bluechip corporations and industrial players at Lumut Port, Perak.
WECT’s growth plan in Malaysia and the region pivots on strategic collaborations and acquisitions to drive our business forward. The agreement was signed by Dato’ Brian Wee, Group CEO of WECT, and Ozairi Othman, founder and CEO of OZ75. Also present at the signing ceremony were Yang Di Mulia Muhammad Kin Eezaz, Business Alliance Strategist, Dato’ Stanley Wong, Group COO of WECT, and Dato’ Sri Mahendran Chelladorai, CEO of GF.
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