Sunshine Oilsands (HKG:2012) said "internal processes" regarding the acquisition of a stake in a wholly-owned subsidiary of Nobao Energy China, a year after it was announced in June 2024 are nearing completion.
The crude oil products manufacturer has completed due diligence and will call a shareholders' meeting for the potential acquisition's approval, according to a Friday update disclosed to the Hong Kong bourse.
Sunshine Oilsands' consideration for the acquisition has yet to be determined, according to a June 6, 2024 filing with the Hong Kong bourse.
The target company owns technology for shallow ground source heat pump central heating and cooling projects, the June 2024 filing said.
Upon completion, Sunshine Oilsands will utilize the technology for its oil production in Canada, the filing said.
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