Sino Energy International Holdings Group Limited entered into an equity transfer agreement to acquire a 51% stake in Shangrao Jinbi Mining Co., Ltd. from Pan Ji Tao for CNY 80.6 million.

Sino Energy International Holdings Group Limited (SEHK:1096) entered into an equity transfer agreement to acquire a 51% stake in Shangrao Jinbi Mining Co., Ltd. from Pan Ji Tao for CNY 80.6 million on March 29, 2019. As per terms, consideration is payable upon closing. Pan Ji Tao currently holds 90% stake in Shangrao Jinbi Mining Co., Ltd. Upon completion, Shangrao Jinbi Mining Co., Ltd. will operate as subsidiary of Sino Energy International Holdings Group Limited.

For the year ended December 31, 2018, Shangrao Jinbi Mining Co., Ltd. reported net loss of CNY 0.16 million and net assets of CNY 196.4 million. The transaction is expected to close within 30 days after the date of the equity transfer agreement. Sichuan Shanhe Assets Appraisal Co acted as Independent Valuer in the transaction.

ZHONGHUI ANDA CPA Limited acted as accountant to Sino Energy in the transaction.