Delong Composite Energy Group Sells 21% Equity In Shengneng Gas

MT Newswires Live

Dec 30, 2024

Delong Composite Energy Group (SHE:000593) sells 21% equity in Shengneng Gas to Gao Ge for 57 million yuan, citing unmet 2024 profit targets, according to a Saturday filing with the Shenzhen Stock Exchange.

Gao Ge will repurchase the shares in installments under the original agreement terms. Delong's stake in Shengneng Gas will be reduced to 49% post-transaction. The decision, approved by the board on Dec. 26, aims to optimize cash flow and asset structure.

Shengneng Gas will exit Delong's consolidated financial statements.

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