Omera Petroleum Limited, a subsidiary of MJL Bangladesh PLC, has signed an agreement to acquire 99.995 percent of the shares of Premier LP Gas Limited, the operator behind the Totalgaz brand in Bangladesh.
The deal, valued at Tk 227 crore, was disclosed by MJL Bangladesh on Monday through a filing with the Dhaka Stock Exchange (DSE).
This acquisition, subject to regulatory approvals, will bolster Omera Petroleum’s position in the country’s LPG market, raising its market share from approximately 22 percent to nearly 27 percent, according to company officials.
The integration of Premier LP Gas Limited’s infrastructure, including its 1.6 million LPG cylinders, is expected to enhance Omera’s operational capabilities, increase revenue, and improve profitability, the disclosure reads.
Industry insiders said the deal underscores Omera’s strategy to solidify its leadership in Bangladesh’s growing LPG sector, positioning it for long-term growth amidst rising demand.
Totalgaz, a France-based company, has been seeking an exit from Bangladesh after several years of consistent losses.
The LPG market, once dominated by foreign players, has become increasingly competitive, with larger, well-funded local companies expanding rapidly.
Totalgaz entered the Bangladeshi market in 2002 and quickly became one of the top three LPG importers and marketers. However, over the years, it lost market share to local companies that aggressively invested in the import-dependent market.
MJL Bangladesh, the lubricant market leader in Bangladesh, is a publicly traded company. Its shares, with a face value of Tk 10, closed 3.3 percent higher at Tk 102.5 apiece on the DSE on Monday.
