PetroChina Kunlun Gas Co., Ltd. signed share transfer agreement to acquire 51% Stake in 5 Companies and 49% Stake in 5 Companies from Xinjiang Xintai Natural Gas Co., Ltd. for approximately CNY 680 million.
October 30, 2020
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PetroChina Kunlun Gas Co., Ltd. agreed to acquire 51% Stake in 5 Companies and 49% Stake in 5 Companies from Xinjiang Xintai Natural Gas Co., Ltd. (SHSE:603393) for approximately CNY 680 million on October 29, 2020. PetroChina Kunlun Gas Co., Ltd. signed share transfer agreement to acquire 51% Stake in 5 Companies and 49% Stake in 5 Companies from Xinjiang Xintai Natural Gas Co., Ltd. on October 31, 2020. For the year ended December 31, 2019, All 10 Companies reported total assets of CNY 966.5 million, total common equity of CNY 706.4 million, total revenue of CNY 1.17 billion and net income of CNY 165 million. The transaction is subject to approval from shareholders of Xinjiang Xintai Natural Gas Co., Ltd. The transaction is approved by Board of Directors of Xinjiang Xintai Natural Gas Co., Ltd. on October 29, 2020.
Xinjiang Xintai Natural Gas Co., Ltd. is a China-based company involved in urban natural gas distribution and sales, home installation and coalbed methane mining business. The Company's gas products and services include natural gas sales, natural gas home installations and compressed natural gas transportation services. The company is also engaged in the exploration, development and production of coalbed methane, and its main development projects are Panzhuang project and Mabi project. The Company operates its businesses in Xinjiang and Shanxi, China.
PetroChina Kunlun Gas Co., Ltd. signed share transfer agreement to acquire 51% Stake in 5 Companies and 49% Stake in 5 Companies from Xinjiang Xintai Natural Gas Co., Ltd. for approximately CNY 680 million.