Sino Prima Gas Technology Co., Ltd. agreed to acquire the remining 8% stake in Tibet Wojin Energy Development Co., Ltd. for approximately CNY 140 million.
January 27, 2021
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Sino Prima Gas Technology Co., Ltd. (SZSE:300483) agreed to acquire the remining 8% stake in Tibet Wojin Energy Development Co., Ltd. for approximately CNY 140 million on January 28, 2021. The Company must pay the full amount before February 28, 2021, and if it is not fully paid, an interest with an annual rate of 9% will be added to the unpaid price. On February 27, 2021, the parties signed Share Transfer Agreement Supplement Agreement agreeing that Sino Prima Gas Technology must pay the full amount within 3 days after the agreement signing. If the full amount is not paid, an interest with an annual rate of 9% will be added to the unpaid price, the Company will pay interest every half year, and pay the full amount before December 31, 2021. As a result, Sino Prima Gas will own 100% in Tibet Wojin Energy. As of June 30, 2020, Tibet Wojin Energy had total assets worth CNY 1.4 billion and net assets worth CNY 1.38 billion. Transaction is subject to approval from shareholders of Sino Prima Gas. On January 28, 2021, the Company held the 26th Directorate and approved the acquisition. On February 27, 2021, the 27th Meeting of the Company’s 4th Directorate approved the Share Transfer Agreement Supplement Agreement.
Sino Prima Gas Technology Co Ltd, formerly Shanghai Worth Garden Co Ltd, is a China-based company mainly engaged in the natural gas business and the research and development, production and sales of gardening products. The Company's natural gas business includes natural gas exploration, development, production and sales. The Companyâs gardening products market segment mainly includes hand tools, decorations, irrigation, machinery and materials gardening products, such as scissors, shovels, handsaws, rakes, lawn mowers, croppers, hedge trimmers, grass trimmers, electric chain saws and others. It also provides services such as gardening design, engineering construction and greening maintenance services. The Company conducts its businesses within the China market and overseas markets.
Sino Prima Gas Technology Co., Ltd. agreed to acquire the remining 8% stake in Tibet Wojin Energy Development Co., Ltd. for approximately CNY 140 million.