As operations at Summit facility has been suspended, Union Gas is now getting its supply from Semgas Supply’s bottling and storage facility instead.
Union Gas says Summit Gas is a subsidiary of Union Energy Corporation (UEC) and not part of the group. However, the group is dependent on UEC for the supply of bottled LPG cylinders for sale to its customers through two dealership agreements signed with Summit and Semgas Supply respectively.
In addition, Teo Kiang Ang, the controlling shareholder and non-executive chairman of Union Gas, and Teo Hark Piang, executive director and CEO of Union Gas, have an interest of 61.89% and 12.55% in UEC.
Teo Kiang Ang and Teo Hark Piang are also director and non-executive director in Union Gas respectively.
Teo Hark Piang says, “UEC has given its assurance that it will honour all the LPG fulfilment to the Company. Management has been in discussion with Summit and will work with both Summit and Semgas Supply to ensure that there is minimum disruption to the supply of bottled LPG cylinders.”
As at 2.45pm, Union Gas shares are trading 1 cent higher at 24 cents.
