Xinjiang Torch Gas Co., Ltd (SHSE:603080) signed am Equity Transfer Agreement to acquire a 60% Jiangxi Guoneng Fuel Gas Co., Ltd. from Jiangxi Zhongjiu Natural Gas Group Co., Ltd. for approximately CNY 300 million on July 11, 2023. Under the terms, Xinjiang Torch Gas shall pay CNY 148.5 million within five working days after the completion of the delivery prerequisites, CNY 59.4 million within five working days after the delivery preconditions and the remaining CNY 89.1 million within 20 working days from the date of completion. Post completion, Xinjiang Torch Gas will hold 60% stake and Wanlixing International Co., Ltd. will hold 40% stake in Jiangxi Guoneng Fuel Gas.

As of May 31, 2023, Jiangxi Guoneng Fuel Gas reported Total assets of CNY 22.8 million and Total owners? equity of CNY 91.1 million. The transaction is approved by the board of directors and board of supervisors of Xinjiang Torch Gas and still need to be reviewed and approved by the shareholders.

As of July 31, 2023, the transaction has been approved by Xinjiang Torch Gas Co., Ltd shareholders.