Shuifa Energas Gas (SHA:603318) plans to acquire 65% of natural gas project developer Qingyang Xingrui Energy, according to a Shanghai Stock Exchange filing on Wednesday.
The stake will be acquired from Gansu Beidou New Energy Technology for a consideration of 0 yuan, but the Chinese natural gas distributor will contribute 65 million yuan into its capital.
Xingrui Energy is currently constructing the Qingyang Integrated Helium Extraction and Gas Storage Peaking System for 506 million yuan.
After the completion of the transaction, Beidou New Energy will continue to hold the remaining 35% of Xingrui Energy.
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