Xinyu Hongdu enterprise management center (limited partnership) and Jiangxi Natural Gas Energy Investment Co., Ltd. entered into agreement to acquire 40% stake in Yugan County Natural Gas Co., Ltd. from Zhejiang Renzhi Co., Ltd. for CNY 16 million.
December 11, 2020
Share
Xinyu Hongdu enterprise management center (limited partnership) and Jiangxi Natural Gas Energy Investment Co., Ltd. entered into agreement to acquire 40% stake in Yugan County Natural Gas Co., Ltd. from Zhejiang Renzhi Co., Ltd. (SZSE:002629) for CNY 16 million on December 10, 2020. Under the terms of transactions, Xinyu Hongdu enterprise management center (limited partnership) will acquire 12% for CNY 4.8 million and Jiangxi Natural Gas Energy Investment Co., Ltd. will acquire 28% for CNY 11.2 million. Both parties agree that within 3 working days from the date of signing this contract, transferee 1 and transferee 2 shall pay the transferor the equity transfer amount of CNY 8 million and CNY 3 million, after the completion of the equity delivery and the registration of industrial and commercial changes Within 3 working days, transferee 1 and transferee 2 shall pay the transferor the remaining amount of CNY 3.2 million and CNY 1.8 million for the equity transfer. Yugan County Natural Gas reported total revenue of CNY 33.6 million, total assets of CNY 46.9 million, net income of CNY 2.3 million and net assets of CNY 17.4 million for the year ending December 31, 2020. After the completion of the transaction, Zhejiang Renzhi Co., Ltd. no longer holds the equity in the Yugan County Natural Gas. The board of directors of Zhejiang Renzhi Co., Ltd. approved the deal.
Zhejiang Renzhi Co., Ltd., formerly Sichuan Renzhi Oilfield Technology Services Co., Ltd., is a China-based company principally engaged in the provision of oilfield technical services. The Company mainly provides drilling fluid technical services, including drilling fluid deployment, circulation operation and recycling services; oil and gas field environmental protection technical services, including oil and gas field wastewater treatment, waste mud treatment and drilling sewage treatment technology services; underground operation technical services, including underground technical services, production increasing technical services, downhole tools and well completion technical services. The Company is also engaged in the development, production and sales of oilfield chemicals and functional new materials. The Company mainly operates its businesses in the Mainland of China.
Xinyu Hongdu enterprise management center (limited partnership) and Jiangxi Natural Gas Energy Investment Co., Ltd. entered into agreement to acquire 40% stake in Yugan County Natural Gas Co., Ltd. from Zhejiang Renzhi Co., Ltd. for CNY 16 million.