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AltaGas Idemitsu Joint Venture Limited Partnership Receives Notice From Sam Holdings Ltd. Exercising a Put Option With Respect To Its Approximately 1/3 Interest in Petrogas Energy Corp.

by ahnationtalk on January 7, 202025 Views

CALGARY, Jan. 2, 2020 – AltaGas Ltd. (AltaGas) (TSX: ALA) advises that AltaGas Idemitsu Joint Venture Limited Partnership (AIJV) has received notice (the Put Notice) from SAM Holdings Ltd. (SAM) of its exercise of a put option (the Put Option) with respect to SAM’s approximately 1/3 interest in Petrogas Energy Corp. (Petrogas). AIJV, a limited partnership owned 50 percent by AltaGas and 50 percent by Idemitsu Kosan Co., Ltd. (Idemitsu), owns the other approximately 2/3 of the outstanding common shares of Petrogas. AIJV is currently evaluating the Put Notice.

Pursuant to the Petrogas unanimous shareholders agreement, a valid exercise of the Put Option by SAM after October 1, 2019, triggers a requirement for AIJV to purchase SAM’s approximately 1/3 interest in Petrogas at the fair market value thereof, as determined by independent valuators. AltaGas anticipates funding its portion of any such obligation with internal cash flow, the sale of remaining non-core assets and debt.

Petrogas provides oil and NGL marketing and supply services to propane retailers, refiners and petrochemical producers across North America. Petrogas also owns and operates the Ferndale, WA LPG export facility, the only operating LPG export terminal on the US Pacific Coast, and certain LPG storage assets, which are complementary to AltaGas’ existing Midstream value chain and energy export strategy on the west coast.

ABOUT ALTAGAS

AltaGas is a leading North American energy infrastructure company with a focus on regulated Utilities, Midstream and Power. AltaGas creates value by growing and optimizing its energy infrastructure, including a focus on clean energy sources. For more information visit: www.altagas.ca.

NT4

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