English | 简体中文 | 繁體中文 | 한국어 | 日本語
Tuesday, 10 August 2021, 13:48 HKT/SGT
Share:
    

Source: Elegance Optical International Holdings Limited
Elegance Optical subscribes 50% newly issued share capital in target company of China Yantai Liquefied Natural Gas (LNG) Terminal Project investment

HONG KONG, Aug 10, 2021 - (ACN Newswire) - Elegance Optical International Holdings Limited ("The Company") is pleased to announce that Green Source Global Limited ("the Subscriber"), an indirect wholly-owned subsidiary of the Company, has entered into the agreement with H. Sterling LNG Terminal Holding Limited ("Target Company") and the Existing Shareholder ("Existing Shareholder"), pursuant to which the Subscriber has conditionally agreed to subscribe for, and the Target Company has conditionally agreed to issue and allot, 10,000 subscription shares, representing 50% of the issued share capital of the Target Company as enlarged at the subscription price of RMB223 million, to be settled in cash ("the Agreement").

Completion of the subscription shall take place on the 30th business day after all the conditions precedent under the Agreement having been fulfilled or waived (or such other date as the parties to the Agreement may agree).

Upon the completion, the Company will indirectly own 50% equity interest of the Target Company, representing approximately 10.5% equivalent interest in Yantai LNG Terminal Project Company of which 21.0% equivalent interest is held by the Target Company.

The directors of the Group are optimistic about the prospects of the Yantai LNG Terminal Project that its annual income is estimated at approximately RMB2.5 billion by the top management of the Group. The Yantai LNG Terminal Project is listed as 2021 China's major project in Shandong Province and will be the 23rd LNG terminal in China. As of now, China has 22 LNG terminals, in which 15 of are owned and operated by government-owned enterprises.

The subscription is in line with the investment strategy of the Group and will allow the Group to diversify its income stream and investment portfolio. The Group will explore opportunities to cooperate on the whole value chain of natural gas sector covering production, supply, storage and distribution, to further enhance the Company's foundation in respect of international trade of liquefied natural gas.

Media inquiries:
New Smile Strategic IR & PR Consultancy Tel: +852 2126 7076
Jenny Lai jenny.lai@newsmilehk.com
Jenny Cheung jenny.cheung@newsmilehk.com

Notes to editors:

INFORMATION OF THE COMPANY
Elegance Optical International Holdings Limited is principally engaged in the manufacture and trading of optical frames and sunglasses, property investment, investment in debts and securities, film investment and distribution businesses and energy business. The Group refers to the Company and its subsidiaries.

INFORMATION OF EXISTING SHAREHOLDER AND THE TARGET COMPANY
The Existing Shareholder is Zheng Fang, a PRC resident and a merchant. The Target Company refers to H. Sterling LNG Terminal Holding Limited, an investment holding company incorporated in the British Virgin Islands with limited liability and is wholly-owned by the Existing Shareholder as at the date of the agreement.

INFORMATION OF THE SUBSCRIBER
Green Source Global Limited, a company incorporated in the British Virgin Islands with limited liability, is an indirect wholly-owned subsidiary of the Company.

INFORMATION OF YANTAI LNG TERMINAL PROJECT COMPANY
Yantai LNG Terminal Project Company is principally engaged in the gas operation, import and export of goods and technology and import and export agency services, and is a project company established to implement the Yantai LNG Terminal Project.

INFORMATION OF THE YANTAI LNG TERMINAL PROJECT
The Yantai LNG Terminal Project aims to invest in and construct the Liquefied Natural Gas Terminal in Yantai Port in Shandong. It is expected that the Yantai LNG Terminal Project will commence operation in 2023, and will have an operation period of 25 years. The Yantai LNG Terminal Project was formally approved by the National Development and Reform Commission of the PRC in January 2020, and is currently in the phase of port construction.



Topic: Press release summary
Source: Elegance Optical International Holdings Limited

Sectors: Daily Finance, Energy
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2021 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

Elegance Optical International Holdings Limited Releated News
Aug 10, 2021 13:50 HKT/SGT
高雅光学认购目标公司经扩大后已发行的五成股本以投资中国烟台液化天然气项目
Aug 10, 2021 13:49 HKT/SGT
高雅光學認購目標公司經擴大後已發行的五成股本以投資中國煙台液化天然氣項目
Dec 20, 2017 12:48 HKT/SGT
高雅光学拓电影业务可憧憬
Dec 20, 2017 12:46 HKT/SGT
高雅光學拓電影業務可憧憬
More news >>
Copyright © 2021 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | Beijing: +86 400 879 3881 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575