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): ¥5.62, Change: ¥+0.070, Percent Change: +1.26%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.