Puxing Energy Completes the Acquisition of 100% of Equity Interests of Quzhou Puxing

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...
- Advertisement -

HONG KONG, CHINA – Media OutReach – 30 September 2020  Puxing Energy Limited (“Puxing Energy” or the
“Company”, together with its subsidiaries, the “Group”; stock code: 00090), the
leading clean energy provider in Zhejiang Province, is pleased to announce that,
with reference to the share purchase agreement (“Share Purchase Agreement”) entered
into between Zhejiang Puxing Deneng Natural Gas Power Co., Ltd. (“Deneng Power
Plant”), an indirect wholly-owned subsidiary of the Company, and Shanghai
Pu-Xing Energy Limited in relation to the acquisition of 100% of the equity
interests of Quzhou Puxing Gas Turbine Thermal Power Co., Ltd. (“Quzhou Puxing”)
at a consideration of RMB333,398,965.29 (subject to adjustment) dated 6 May
2020, which such acquisition had been approved by the shareholders of the
Company on 30 July 2020, all the conditions precedent set out in the Share
Purchase Agreement had been fulfilled and the completion took place on 30 September 2020.

 

Upon the completion,
the Company holds 100% of the equity interests in Quzhou Puxing and Quzhou
Puxing becomes an indirect wholly-owned subsidiary of the Company. Accordingly,
the financial information of Quzhou Puxing will be consolidated into the
accounts of the Group.

 

- Advertisement -

As
disclosed in the circular of the Company dated 24 June 2020, the final amount
of the consideration for the acquisition is subject to adjustment based on the
net asset value of Quzhou Puxing in the completion audit report issued within
30 days after the completion date, minus the accumulated undistributed profit
of Quzhou Puxing as at 31 December 2019 (the “Adjusted Consideration”). Further
announcement will be issued by the Company upon
confirmation of the Adjusted Consideration.

Read Also:  Social Enterprise Summit 2020 Theme "new normal‧collective power"

 

Mr. Wei Junyong, Chairman of
Puxing Energy
,
concluded, “As an enterprise mainly engaging in development, operation and
management of natural gas-fired power plants in China, the completion of the
acquisition of Quzhou Puxing takes a solid step for Puxing Energy to expand and
strengthen its existing clean energy business, not only further expand its installed
and heating capacities, but also strengthen the Group’s presence and business
operation in Zhejiang Province, China, in order to boost its business
performance. In the future, the Group will continue to uphold the concept of ‘Energy+Technology’
on one hand and will keep on following up and
participating in the power market reforms in Zhejiang Province on the other
hand, so as to actively explore business development opportunities. The Group is dedicated to transforming
into an integrated energy supplier, enhancing growth potential in the long run
and maximizing benefits and returns to shareholders.”

Read Also:  Gaw Capital Partners raises GBP 28.5 million in mezzanine financing from Samsung Securities and KB Asset Management to refinance London offices

 

About Puxing Energy

- Advertisement -

Puxing
Energy is a leading clean energy provider in Zhejiang Province. It is mainly
engaged in development, operation and management of natural gas-fired power
plants. Upon completion of the acquisition of Quzhou Puxing, the Group owns five
natural gas-fired power plants with a total installed capacity of approximately
688MW (including 731kW rooftop photovoltaic power generation facilities) and a
maximum heating capacity of approximately 360 tons per hour.

Puxing Energy Completes the Acquisition of 100% of Equity Interests of Quzhou Puxing

- Advertisement -
Puxing Energy Completes the Acquisition of 100% of Equity Interests of Quzhou Puxing - Brand SpurPuxing Energy Completes the Acquisition of 100% of Equity Interests of Quzhou Puxing - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -
Puxing Energy Completes the Acquisition of 100% of Equity Interests of Quzhou Puxing - Brand SpurPuxing Energy Completes the Acquisition of 100% of Equity Interests of Quzhou Puxing - Brand Spur

Latest News

Ekiti State Governor commissions the Sexual Assault Referral Centre, Moremi Clinic (Photos)

On the 25th November 2020, the Ekiti State Governor, Dr. Kayode Fayemi commissioned the Sexual Assault Referral Centre (MOREMI...

Video: Construction of a 4-lane dual carriage New Ado-Iyin-Aramoko-Itawure road is ongoing

Construction of a 4-lane dual carriage New Ado-Iyin-Aramoko-Itawure road is ongoing This road project is part of Governor Kayode Fayemi initiatives to improve inter-connectivity of...

Ogun State facilitates more capital to boost Fish Production

Ogun State Ministry of Industry, Trade and Investment will continue to facilitate access to capital and work with relevant agencies to build the capacity...

Abiodun Reads Riots Act to Ogun State Water Corporation

The Governor of Ogun State, Prince Dapo Abiodun, has given a marching order to the General Manager of the Ogun State water corporation, Engineer...

Lagos Examinations Board reschedules Y2020 BECE Resit Test

The Lagos State Examinations Board has rescheduled the Year 2020 Basic Education Certificate Examination (BECE) resit test earlier fixed for Saturday, December 5, 2020,...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Puxing Energy Completes the Acquisition of 100% of Equity Interests of Quzhou Puxing - Brand SpurPuxing Energy Completes the Acquisition of 100% of Equity Interests of Quzhou Puxing - Brand Spur