WECONNECT TECH ACQUIRES 60% STAKE OF GF OFFSHORRE A strategic move to spur growth and to diversify into the oil and gas industry
PETALING JAYA, 18 March 2019 – WECONNECT Tech International Inc (“WECT” or “Company”), an affiliate company of MIG Group, is taking a 60% stake in an oil and gas trading company, in a conditional Share Exchange Agreement (“Agreement”) inked and disclosed on Monday.
WECT, a Nevada tech corporation, signed the Agreement with GF Offshorre Sdn Bhd (“GF Offshorre”), a Malaysian-based corporation that has been in the oil and gas business for six years. Pursuant to the Agreement, WECT exchanged a 13.17% stake – an equivalent of 90,000,000 ordinary shares – for GF Offshorre’s 60% stake – an equivalent of 3,660,000 ordinary shares. The transaction is worth USD 9 million, valuing GF Offshorre at USD 15 million. As a result, GF Offshorre will become a direct subsidiary of WECT and the business of GF Offshorre will continue through the Company. Additionally, upon completion of the acquisition exercise and subject to approval, WECT will change its name to “GF Offshore Inc” and request an OTC symbol change from its current symbol “WECT” to an alternative symbol.
Speaking at the signing ceremony, Dato’ Brian Wee, Group CEO of WECT and MIG Group shared, “This strategic alliance with GF Offshorre is a positive move for WECONNECT to expand our business and diversify into the lucrative oil and gas sector. The Board of Directors of WECT has unanimously determined that the Share Exchange and the transactions are advisable, fair to and in the best interests of the shareholders of both entities. We believe this will bring our business to the next level.”
Dato’ Mahendran Chelladorai, CEO of GF Offshorre, added, “Our team of experts have been in the oil and gas industry for more than two decades and we have excellent support from local and international suppliers as well as clients. Our plan is to expand into the global market by positioning ourselves as a niche trader in emerging and non-traditional marketplaces such as the Middle Eastern, Central Asia, and Eastern Europe. We are pleased to be partnering WECT in our united aim to drive our business forward.”
(Pictured left to right: Margarete anak George Mitol, Director, GF Offshorre; Dato’ Mahendran Chelladorai, CEO of GF Offshorre; Dato’ Brian Wee, Group CEO, MIG Group; Dato’ Stanley Wong, Group COO, MIG Group)
The Agreement was signed by Dato’ Brian, Dato’ Mahendran and Margarete anak George Mitol, Director of GF Offshorre. Also present at the signing ceremony were Dato’ Stanley Wong, Group COO of WECT and MIG Group.
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Names in Chinese for reference:
Dato’ Brian Wee 拿督黄义翔
Dato’ Stanley Wong 拿督王義元
About WECONNECT International Inc
Established since 2016, WECONNECT is an innovative multi-dimensional e-commerce platform that facilitates shopping, business, and trade – integrating the best of online and offline transactions in one single app. With more than 60,000 users having signed up within 15 months of release, WECONNECT acts as an online market place where businesses and entrepreneurs offer end consumers a convenient and rewarding online shopping experience. The Group expanded into the international market with the public listing of WECONNECT International Inc, a tech and commerce entity based in the US. The market capital valuation of WECONNECT is estimated at USD90* million..
About MIG Group
MIG Group is a business consulting firm focused on helping SME companies strengthen their business modeling, corporate structure, and brand alignment to improve their operational efficiency as well as fulfill their capital requirements by listing on LEAP/ACE in Malaysia or on international markets. MIG’s vision for transforming the SME landscape is powered by its unique business ecosystem to offer clients a one-stop business solution hub pivoting on innovative digital technology. MIG's business ecosystem comprises expertise in business consultancy, entrepreneur masterclass, online-to-offline retail, wealth management, branding and media, e-commerce technology and real estate investment. For more information on MIG Group, visit www.miggroup.co.
About GF Offshorre
Established since 2006, GF Offshorre’s principal activity is in the supply of oil and gas. Fully subscribing to the concept of globalization and the potential expansion to the international market, GF Offshorre mission is to supply its products to the world market by positioning itself as a niche trader in emerging and non-traditional marketplaces such as the Middle Eastern, Central Asia, and Eastern Europe.