Oil and gas company Eastern Pacific Industrial Corp Bhd. (EPIC) plans to spend RM18.5 million to buy 95 percent of Tubex Sdn. Bhd. to futher expand the former's earnings base.

It signed an agreement with Ancom Energy & Services Sdn. Bhd, Suhaimi Mukhtar and Datuk Ismail Hashim to buy 4.8 million shares of Tubex. Tubex is involved in the threading and cutting of tubular, casing and down-hole equipment used in the oil and gas offshore drilling activities, among others.

The acquisition will provide EPIC the opportunity to enlarge its earnings base as the activities of Tubex are complementary and synergistic with EPIC's core business, EPIC told Bursa Malaysia Bhd. The deal would be financed with internal funds and it is due to be completed in four months.