3i invested US$15 million in August 2004 to support the growth of Singapore-based Pearl Energy, an independent exploration and production business with a portfolio of oil and gas interests across South East Asia.
3i's relationship with the management since 2000, combined with our sector credentials and ability to deliver an innovative, convertible investment structure within a tight timescale, secured the opportunity. Our experience and knowledge of the sector, gained from over 30 years investing in oil and gas, enabled us to move more quickly than our competitors.
The ability of our oil and gas team, which has over 40 other investments in the sector, to add considerable value, was also a key reason to invest. From our network, we were able to introduce an independent non-executive director, with extensive oil and gas experience, who subsequently joined the Pearl Energy board.
The management team was also looking for a partner with experience of helping companies prepare for a stock exchange listing. Following 3i's investment, our Singapore team worked closely with Pearl and its advisers to prepare the company for an IPO. Pearl Energy successfully gained a listing on the main board of the Singapore Stock Exchange in April 2005.
