Oil and gas company SacOil Holdings would pay up to R220m, financed through a share issue to raise at least R360m, to buy fuel wholesaler and distributor Belton Park, it said on Monday, in a deal that increased its reach in the sector. The Public Investment Corporation (PIC) is a major shareholder in SacOil, which since appointing new management three years ago has added more cash-generating assets. In its early years as a JSE-listed company, SacOil focused on oil exploration in Africa. It has retained an interest in Block III in the Democratic Republic of Congo, where the operator is multinational oil group Total, but has also added a producing oil field in Egypt, short-term crude oil trading contracts in Nigeria and recently bought 71% of fuel distributor Afric Oil. To reflect its new strategy and outlook, SacOil will be renamed Efora Energy. Belton Park, whose shares are being bought from its founders and management, distributes about 20-million litres of fuel products a month, b...

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