Foshan Gas Group Co.,Ltd. signed a share transfer agreement to acquire 46% stake in Guangdong Zhongyan Energy Co., Ltd. from Song Weijun and Yu Zhiming for CNY 20.2 million.
August 15, 2018
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Foshan Gas Group Co.,Ltd. (SZSE:002911) signed a share transfer agreement to acquire 46% stake in Guangdong Zhongyan Energy Co., Ltd. from Song Weijun and Yu Zhiming for CNY 20.2 million on August 15, 2018. Foshan Gas Group Co.,Ltd will acquire 32.2% stake from Song Weijun for CNY 14.1 million and 13.8% stake in Guangdong Zhongyan Energy Co., Ltd. from Yu Zhiming for CNY 6.1 million. In a related deal, Song Weijun and Yu Zhiming agreed to acquire additional 15% stake in Guangdong Zhongyan Energy Co., Ltd.
For the year ending 2017, Guangdong Zhongyan Energy Co., Ltd. reported total assets of CNY 47 million, revenue of CNY 11.5 million, net loss of CNY 2.2 million and net assets of CNY 30.7 million. The Board of Directors of Foshan Gas Group Co.,Ltd. approved the deal on August 15, 2018.
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.
Foshan Gas Group Co.,Ltd. signed a share transfer agreement to acquire 46% stake in Guangdong Zhongyan Energy Co., Ltd. from Song Weijun and Yu Zhiming for CNY 20.2 million.
FORAN ENERGY GROUP CO., LTD. 
