Sino Prima Gas Technology Co., Ltd. completed the acquisition of 51% stake in Yonghe County Weirun Gas Co., Ltd. from Beijing Weirun Shenglong Energy Co., Ltd.
February 19, 2024
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Sino Prima Gas Technology Co., Ltd. (SZSE:300483) signed letter of intent to acquire 51% stake in Yonghe County Weirun Gas Co., Ltd. from Beijing Weirun Shenglong Energy Co., Ltd. for approximately CNY 350 million on December 12, 2023. Under the terms, Sino Prima will pay CNY 40 million based on Yonghe County realizing net profit targets in the years 2024, 2025 and 2026. The Sino Prima Gas Technology Co., Ltd. agrees that within 2 working days from the effective date of the "Letter of Intent to Acquire", the Sino Prima Gas Technology Co., Ltd. will pay CNY 100 million to the bank account designated by Beijing Weirun as the transaction intention fee. After the formal transaction agreement is signed and becomes effective, when it is agreed to pay the first equity transfer price, the transaction intention fee will be converted into the equivalent part of the corresponding transaction price first. Sino Prima Gas Technology Co., Ltd. board of directors approved the transaction. As on January 30, 2024, Sino Prima Gas signed an equity transfer agreement to acquire 51% stake in Yonghe County Weirun Gas Co., Ltd. from Beijing Weirun Shenglong Energy Co., Ltd.
Sino Prima Gas Technology Co., Ltd. (SZSE:300483) completed the acquisition of 51% stake in Yonghe County Weirun Gas Co., Ltd. from Beijing Weirun Shenglong Energy Co., Ltd. on February 20, 2024.
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. completed the acquisition of 51% stake in Yonghe County Weirun Gas Co., Ltd. from Beijing Weirun Shenglong Energy Co., Ltd.