United Energy Group (00467) Will Join Hang Seng Indexes
On 22th February 2019, Hang Seng Indexes Company Limited (“Hang Seng Indexes”) announced that United Energy Group Ltd. (00467) will join Hang Seng Composite LargeCap & MidCap Index.
The results came from Hang Seng Indexes’ review of the Hang Seng Family of Indexes for the quarter ended 31st December 2018. According to the results, 11 members of the Hang Seng Composite LargeCap & MidCap Index will be added, with 14 members removed at the same time. Finally, the total number of constituents will decrease from 307 to 304. All changes will take effect on 11 March 2019 (Monday).
Inclusion
Removal
Since the acquisition of BP Pakistan’s assets in 2011, UEG has invested heavily in Pakistan and introduced Chinese oil and gas expertise along with supply chain management, resulting in the complete turn-around of an asset that was facing steep production declines during the 2009 to 2011 period. The business experienced around 25% year on year growth over the last 5 years, making UEG and UEP the largest foreign E&P Company and investor in Pakistan. In 2018, UEG has achieved excellent performance and significant breakthrough in 2018: In April, UEG completed the acquisition of AROL, in June UEG completed the acquisition of OMV Group's assets in Pakistan, and in September UEG has entered into transaction documents to acquire 100% shares of Kuwait Energy Company. With the announcement of the three major acquisitions, UEG has come to a new phase of a medium-sized independent oil company, transiting from single asset management to comprehensive management involving multiple asset business packages, from operating a single project in one country to simultaneously operating several projects in various countries, which highlighted UEG’s strength and advantages and ensured its bright and promising future.
With its extraordinary performance, UEG was named "2013 Top 100 Hong Kong Listed Company" and ranked in third place in the list of "Top 10 Companies for Revenue Growth” in Nov 2013, honored with the “Best Investment Value Award” and the “Best Investment Value Award in Shenzhen – Hong Kong Stock Connect” at the “2017 China Financial Market Awards” held by “China Financial Market”, a famous financial magazine in Hong Kong in January 2018, and awarded “The Listed Enterprise Excellence Awards 2018-Excellent Performance" selected and held by Capital Weekly, a renowned financial magazine in Hong Kong in November 2018.
Looking to the future, UEG will fully leverage its advantageous position and thorough understanding of Pakistan to further develop its E&P businesses as well as explore other cross-segment energy opportunities. In addition, UEG is looking for high quality international upstream M&A opportunities to diversify its portfolio. Combining its existing asset management together with new acquisitions, UEG aspires to become a first-tier, growth focused energy company.
（Source from: https://www.hsi.com.hk/chi）