|Wednesday, 29 April 2020, 16:30 HKT/SGT|
HONG KONG, Apr 29, 2020 - (ACN Newswire) - Binhai Investment Company Limited ("Binhai Investment" or the "Company", stock code: 2886.HK) is pleased to announce that Company (as issuer) entered into the Subscription Agreement with Sinopec Great Wall Gas Investment Co., Ltd ("Great Wall Gas", as subscriber). The subscriber agreed to subscribe for an aggregate of 178 million Subscription Shares, at the subscription Price of HK$1.33. The Subscription Shares represent approximately 13.14% of the issued share capital of the Company as enlarged by allotment and issue of the Subscription shares.
On the same day, TEDA Hong Kong Property Company Limited ("TEDA HK", as vendor), being the controlling shareholder of the Company, and Great Wall Gas(as purchaser) entered into the Share Purchase Agreement. The purchaser agreed to purchase, an aggregate of 228 million Sale Shares at the Sale Price, which is the same as the Subscription Price. The Sale Shares represent approximately 16.85%. Immediately after completion of the Subscription and the Disposal, TEDA HK, a controlling shareholder of the Company, holds 35.43% equity and Great Wall Gas holds 29.99% equity as second largest shareholder. Great Wall Gas is the only platform and wholly-owned subsidiary of Sinopec Corporation, which is engaged in natural gas terminal utilization investment. Its main investment scope includes, but is not limited to, the investment and operation of clean energy projects such as natural gas pipeline, natural gas distributed energy and urban gas.
Binhai Investment considers that the company focuses on the construction of gas pipeline networks, gas sales and installation services, Sinopec Corp and its subsidiaries have access to petroleum and natural gas resources. Therefore, it is expected that by introducing Great Wall Gas as a strategic investor of the Company, both sides will achieve supply chain synergy. To solidify further business cooperation, the Group may conduct further negotiations with Sinopec Corp and/or its subsidiaries and enter into further business agreements with them in the future.
About Binhai Investment Company Limited (Stock Code: 2886.HK)
Binhai Investment Company Limited is principally engaged in investments in the construction and operation of gas pipeline networks, provision of gas construction and installation service, supply and provision of gas, and sale of liquefied petroleum gas in the PRC. The Company listed on the main board in Hong Kong on 11 February 2014 (Stock Code: 2886), the Company's controlling shareholder is Tianjin TEDA Investment Holding Co. Ltd. As one of the earliest foreign-funded enterprises participating in the public utilities industry in the PRC, the Company is committed to aligning with the national policy of the PRC in providing clean energy for the commercial and industrial users and urban citizens, also developing the gas market in mainland China. Leveraging on the Company's long experience in the industry, safe and trustworthy service quality, professional expertise as well as the close relationship with the local government, Binhai Investment has a coverage of gas business that encompasses seven provinces and two municipalities across the PRC. With the benefits of the abundant resources in Tianjin, the economic center in Bohai Rim area, and leveraging on the rapid development in Binhai New Area, the Company ties in with the thriving development in Binhai New area with a brand new image to strengthen its principal operation, gas business and expand business scale. For detailed information of the Company, please visit the website of the Company at http://www.binhaiinv.com/.
Topic: Press release summary
Sectors: Energy, Oil & Gas
From the Asia Corporate News Network
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