China Ruifeng Renewable Energy Updates on Acquisition of 50% Stake in Target Company, Extends Share Subscription and CB Agreements
Reuters
Jul 02
China Ruifeng Renewable Energy Updates on Acquisition of 50% Stake in Target Company, Extends Share Subscription and CB Agreements
China Ruifeng Renewable Energy Holdings Ltd. has announced the proposed acquisition of a 50% equity interest in a target company involved in renewable energy projects. The Target Group's principal assets are construction-in-progress related to two renewable energy projects, which account for approximately 77% of the Target Group's total assets. Currently, the projects are in early stages and not yet generating significant revenue. Following the completion of the acquisition, China Ruifeng Renewable Energy Holdings Ltd. will hold a 50% stake in the Target Company, though the Target Group will not become subsidiaries, and their financial results will not be consolidated into China Ruifeng's financial statements. This transaction is part of China Ruifeng's strategic move to expand its involvement in the renewable energy sector.
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