SINGAPORE, Oct. 30, 2017 (GLOBE NEWSWIRE) -- IDS PNA Pte Ltd, is pleased to announce that it has executed a $100 million financing term sheet with Milost Global Inc (the "Investor"). The financing is expected to be comprised of $50 million in equity capital and $50 million in debt. Through this transaction, IDS has agreed that the transaction will be funded through Milost Energy Inc, whereas Milost Energy Inc will acquire control of IDS.
The CEO of IDS PNA Pte, Ltd, Timur Naukenov, stated, “This financing agreement is a major step for our company that enables us to implement our strategy in becoming a leading oil and gas decommissioning services provider in South East Asia. We recognize the confidence Milost Global has placed in us and are eager to proceed with sourcing of the equipment and starting up the operations. Together with Milost’s backing and our team’s expertise within the oil and gas industry, the company can achieve a sustainable rapid growth in the near future.”
The Senior Partner & President of Milost Global Asia, Dr. Chin Yew Seah, stated, “I am very confident in the management of IDS, having spent time understanding their strategy. Their focus market is the 10,000 oil wells that need to be decommissioned in Asia alone. This is a huge untapped potential for the company to grow. This partnership with IDS really helps us to open up possibilities that were overlooked before. We at Milost Global are very excited about this prospect.”
Bernard B. Yaw, Senior Partner and COO of Milost Global Inc, also had this to say, “Decommissioning of oil wells is a highly technical, profitable and niche industry. Decommission is a bittersweet pill that is someone else’s demise and is our gain and a great opportunity for Milost to invest in. Just in the North Sea itself, between now and 2050, there is a need to decommission more than 5,000 oil and gas wells alone and an industry that is worth $5-10 billion. IDS has the customers, expertise and network to execute in SE Asia and the Middle East. It will auger well with Milost to have IDS as our investee company.”
Mandla J. Gwadiso, Managing Partner & CEO of Milost Global Inc, also stated, “This is our first oil & gas investment in Asia and we believe is the beginning of even bigger things to come. We are excited about this opportunity and we know for a fact that our value add here will only help propel IDS forward. We truly look forward to working with Timur and his team.”
About Palewater Advisory Group Inc.
Palewater Advisory Group is a multinational corporate and public affairs advisory firm with headquarters in New York. We specialise in cross-border and M&A transactions, financing, public affairs, political campaign capital raising and strategy. Collectively as the team, we have had an excellent track record with more than 1000 references in our line of advisory work. We have a robust and yet solid network of contacts with specific focus on certain core industries, investment and banking communities. Our directors, leaders, professionals, and senior advisors collectively provide access to senior industrial, political, economic, government and financial decision makers throughout the world. We provide individual and personal advice and react swiftly to our clients’ needs, while always providing direct access to the team, including the partners involved. As a professional services firm, we provide the best possible advice based on confidentiality and total discretion. We are committed to the principles of integrity and client service, and operate free from any conflict of interest. www.palewateradvisory.com
About IDS PNA Pte, Ltd
Headquartered in Singapore, IDS PNA Pte Limited is an oil and gas services provider. We specialize in offering integrated decommissioning solutions to the upstream oil and gas sector. Our team of experts with an extensive track record can provide engineering, well barrier design to legislative requirements, best in class intervention technology, equipment and personnel - allowing for safe and compliant abandonment of oil and gas wells for rejuvenation or asset retirement. www.idspna.com
About Milost Global Inc
Milost Global Inc is an American Private Equity firm that is headquartered in New York City, with more than $25 billion in committed capital. Milost is at the intersection of creative investing and value creation. Milost is also a provider of alternative capital, mezzanine finance, and alternative lending to a broad range of industries across the globe including Technology, Transport, Cannabis, Education, Distribution, Mining, Oil & Gas, Financial Services, Healthcare, Pharmaceuticals, Real Estate, Alternative Energy and Infrastructure Development. www.milostglobal.com
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Source:IDS PNA Pte Limited