Foran Energy Group Co.,Ltd. agreed to acquire an 80% stake in Foshan Comprehensive Energy (Public Control) Co., Ltd. from Foshan Public Utilities Holding Co., Ltd., Foshan Qiye Group Co., Ltd. and Foshan Power Construction Group Co., Ltd. for approximately CNY 110 million.
November 12, 2021
Share
Foran Energy Group Co.,Ltd. (SZSE:002911) agreed to acquire an 80% stake in Foshan Comprehensive Energy (Public Control) Co., Ltd. from Foshan Public Utilities Holding Co., Ltd., Foshan Qiye Group Co., Ltd. and Foshan Power Construction Group Co., Ltd. for approximately CNY 110 million on November 12, 2021. The Foran Energy will acquire 40%, 20.816% and 19.184% stake from Foshan Qiye Group Co., Foshan Public Utilities Holding Co., and Foshan Power Construction Group Co. for CNY 52.53 million, CNY 27.33 million and CNY 25.19 million respectively and upon completion it will own 80% in Foshan Comprehensive. The total assets and net assets of Foshan Comprehensive as of September 30, 2021, were CNY 234.7691 million and CNY 97.8409 million respectively. The 17th session of the company?s 5th directorate approved the acquisition.
Foran Energy Group Co.,Ltd., formerly Foshan Gas Group Co.,Ltd., is a China-based company principally engaged in the transmission and distribution of natural gas. The Company also provides gas engineering design and construction, distributed energy, natural gas trading, gas storage peak shaving and other businesses. The Company's main product is natural gas, which is mainly applied to the fields of residential life, industry, commerce, power generation, transportation and distributed energy. The Company mainly distributes its products within domestic market.
Foran Energy Group Co.,Ltd. agreed to acquire an 80% stake in Foshan Comprehensive Energy (Public Control) Co., Ltd. from Foshan Public Utilities Holding Co., Ltd., Foshan Qiye Group Co., Ltd. and Foshan Power Construction Group Co., Ltd. for approximately CNY 110 million.
FORAN ENERGY GROUP CO., LTD. 
