Omera Petroleum acquires Totalgaz Bangladesh for 2.27b taka

French company Totalgaz Bangladesh is being acquired by Omera Petroleum Limited. The joint venture company, Premier LP Gas Limited, operated its business in the country under the banner of Total Gas.

Recently, Omera Petroleum has signed an agreement with the company to acquire almost 100 per cent of Totalgaz shares. 

According to the announcement published on the Dhaka Stock Exchange website, Omera will acquire 99.99 per cent of Totalgaz shares. The potential price for this share acquisition has been set at 2.27 billion (227 crore) taka. The acquisition is now awaiting approval from the relevant regulatory authorities.

Industry insiders say that this merger will increase Omera's market share in Bangladesh's LPG sector. Their position in this sector will be further strengthened.

Total Gas started its business in Bangladesh in 2002 and soon established itself as one of the country's top three LPG importers and marketers. However, due to the large investments made by local companies in this entirely import-dependent market, Total Gas subsequently began to lose market shares to them.

The announcement of this share purchase has not had much of an impact on the share price of Omera's parent company, MJLBD. Today, the company's share price has increased by only 2 per cent. At the time of writing this report, the share price of MJL was 101.50 taka. The company had given a 52 per cent cash dividend in 2024, 50 per cent in 2023, and 50 per cent in 2022.