Investment conglomerate Hosken Consolidated Investments broadens its exposure to energy sector by snatching stake in offshore oil company INVESTMENT conglomerate Hosken Consolidated Investments (HCI) has broadened its exposure to the energy sector by snatching a stake in an offshore oil company.Earlier this week HCI, which already holds coal mining and soon to be unbundled natural gas production assets, bought a 13% stake in Impact Oil & Gas (IOG) through a subscription of ordinary shares for US$17m.The agreement makes provision for HCI to subscribe for another 7% of IOG for $8m to push its stake to 20%.The additional share purchase, however, is subject to Reserve Bank approval.IOG was founded in 2009 by Mike Doherty. Doherty is an industry veteran and was a co-founder of Merlin Geophysical Company in 1979, which later merged with Seismic Profilers to form an integrated acquisition and processing company called Merlin Profilers (acquired a few years later by Schlumberger).Doherty al...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.