Petredec Holdings Pte. Ltd. (“Petredec”) today announces the sale of its 60 per cent stake in Carib LPG Holdings Ltd. (“Carib LPG”), a leading LPG logistics and trading company incorporated in the British Virgin Islands, to an investor group led by Tropical Energies Corporation (“TRENCO”) and Windward Investment Ltd. (“Windward”) for an undisclosed amount.
Petredec is a leading, fully integrated LPG value chain company as well as owner of the youngest, second largest fleet of ethane/ethylene-capable ships in the world. TRENCO is a leading provider of gas, water and energy solutions based in Panama. Windward is the investment holding company of the co-founding Lewis family and current 40 per cent shareholder of Carib LPG.
Petredec co-founded Carib LPG in 1991 alongside the Lewis family and, in the ensuing years, has supported its growth which has ultimately enabled wider access to LPG for the Caribbean region. The transaction better positions Petredec to focus on and enhance its leading refrigerated LPG logistics platform, while the proven track records of the acquiring investors ensure continued positive developments for LPG in the Caribbean and Central American markets.
