Albers and Associates agreed to acquire remaining 39.981094% stake in Octanex Limited from Sabah International Petroleum Ltd. and others for AUD 0.2 million.

Albers and its Associates agreed to acquire remaining 39.98% stake in Octanex Limited (ASX:OXX) from Sabah International Petroleum Ltd. and others for AUD 0.2 million on January 20, 2023. Albers and Associates will acquire the shares at AUD 0.002 per share. The Scheme is subject to approval of the Supreme Court of Victoria.

The implementation of the Scheme is subject to Octanex shareholders approving the Scheme by the requisite majorities at the Scheme Meeting expected to be held in May 2023. As of May 23, 2023, Octanex shareholders approved the transaction. The transaction is expected to be effective on June 6, 2023.

Automic Pty Ltd. acted as as a registrar, PKF Melbourne Corporate Pty Ltd, Grant Thornton Audit Pty Ltd acted as accountants to Octanex.