Shuifa Energas Gas to Buy Distributed Energy Service Provider for 346 Million Yuan

MT Newswires Live

12 Sep 2024

Shuifa Energas Gas to Buy Distributed Energy Service Provider for 346 Million Yuan

Natural gas distributor Shuifa Energas Gas (SHA:603318) plans to fully acquire distributed energy service provider Shandong Shengdong Gas Comprehensive Utilization for 345.7 million yuan from a related party.

The transaction aims to make up for the shortcomings of the distributed energy sector, integrate advantageous resources, strengthen synergies with Shandong Shengdong Gas Comprehensive Utilization, and boost profit, the company said in a Thursday filing with the Shanghai bourse.

Shuifa Energas will buy the target company from Shengli Oilfield Shengli Power Machinery Group, whose controlling shareholder is Dongying Shengdong Equity Investment Partnership, the holding company of Shuifa Energas.

Shuifa Energas' shares closed 1% higher on Thursday.

Price (RMB): Â¥5.62, Change: Â¥+0.070, Percent Change: +1.26%

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