CB Industrial sells 70% share of Gulf Lubes Malaysia for $13M

In Malaysia, the Board of Directors of CB Industrial announced that the Company and TPG Oil & Gas Sdn. Bhd., the wholly owned subsidiary, had on December 9, 2021 entered into an Agreement for the sale and purchase of shares with Kaashi Visweshwara Minerals Pvt. Ltd. for the disposal of 63,670,000 ordinary shares and 6,330,000 ordinary shares, respectively in Gulf Lubes Malaysia Sdn. Bhd., representing an aggregate 70% of the total issued share capital of GLM for a total cash consideration of $13 million.