China Oil and Gas Investment Group Co., Ltd. completed the acquisition of 3.07% stake in Shandong Shengli Co., Ltd. from Sun Guanyie.
November 02, 2021
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China Oil and Gas Investment Group Co., Ltd. entered into a share transfer agreement to acquire 3.07% stake in Shandong Shengli Co., Ltd. (SZSE:000407) from Sun Guanyie for approximately CNY 140 million on August 10, 2021. Under the terms of the agreement, China Oil and Gas Investment Group Co., Ltd. will acquire 27.02 million shares at CNY 5.23 per share. 10% of the share transfer price shall be paid within 5 working days from the open of the said joint account, 20% of the share transfer price shall be paid within 5 working days from the date when Sun Guanyie executes the share pledge agreement and 70% of the share transfer price shall be paid within 5 working days from the date when all the shares of Shandong Shengli Co., Ltd. are transferred to the name of China Oil and Gas Investment Group. The purchase price will be funded by internal resources of China Oil Group and bank loan. In related transactions, China Oil and Gas Investment signed the share transfer agreement to acquire 6.99% stake in Shandong Shengli from Shandong Shengli Investment and 1.72% stake in Shandong Shengli from Yan Changyong. The transaction is subject to shareholders? approval. As of September 18, 2021, State Administration for Market Regulation approved the transaction.
China Oil and Gas Investment Group Co., Ltd. completed the acquisition of 3.07% stake in Shandong Shengli Co., Ltd. (SZSE:000407) from Sun Guanyie on November 3, 2021.
SHANDONG SHENGLI CO., LTD. is a China-based company principally engaged in the sales of natural gas. The Company mainly operates through four business segments. The Natural Gas segment is engaged in the sales of natural gas. The Natural Gas Pipeline Manufacturing segment is engaged in the manufacture and sales of plastic pipelines. The Agrochemical segment is engaged in the production and sales of pesticides and fertilizers. The Trading and Others segment is engaged in the trading of refined oil, the importing of polyethylene (PE) raw materials and red wine, as well as the investment and other businesses. The Company principally operates its businesses in domestic market.