Foran Energy Group Co.,Ltd. signed a share transfer agreement to acquire 40% stake in Guangzhou Yuanheng Warehousing Co., Ltd. from Guangzhou Yuanheng Energy Co., Ltd. for approximately CNY 500 million.
January 03, 2021
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Foran Energy Group Co.,Ltd. (SZSE:002911) signed a share transfer agreement to acquire 40% stake in Guangzhou Yuanheng Warehousing Co., Ltd. from Guangzhou Yuanheng Energy Co., Ltd. for approximately CNY 500 million on December 31, 2020. Post-completion, Guangzhou Yuanheng Energy Co., Ltd. will reduce its stake in Guangzhou Yuanheng Warehousing Co., Ltd. from 70% to 30%. As at October 31, 2020, Guangzhou Yuanheng Warehousing Co., Ltd. reported total assets of CNY 1.03 billion and net liabilities of CNY 308.7 million. The transaction is approved in the 4th meeting of Foran Energy Group Co.,Ltd.'s directorate.
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. signed a share transfer agreement to acquire 40% stake in Guangzhou Yuanheng Warehousing Co., Ltd. from Guangzhou Yuanheng Energy Co., Ltd. for approximately CNY 500 million.
FORAN ENERGY GROUP CO., LTD. 
