Jiangxi China Gas Investment Co., Ltd. completed the acquisition of 7.41166% stake in Xinjiang Torch Gas Co., Ltd.
September 27, 2022
Share
Jiangxi China Gas Investment Co., Ltd signed a Letter of Intent to acquire a 15.68% stake in Xinjiang Torch Gas Co., Ltd (SHSE:603080) from Zhao Anlin, Chen Zhilong, Guo Peng, Yan Shijun, Qin Xiuli, Zhang Xiuli, Reyihan Guli Sutan, Zhao Haibin and Yang Hengjun on November 19, 2021. As of July 22, 2022, Jiangxi China Gas Investment signed a Share Transfer Agreement to acquire a 7.41% stake in Xinjiang Torch Gas from Chen Zhilong, Guo Peng, Yan Shijun, Qin Xiuli, Zhang Xiuli, Reyihan Guli Sutan, Zhao Haibin and Yang Hengjun for CNY 194.3 million and Zhao Anlin will not transfer his shares. will pay the consideration using own funds and self-raised funds. As of the disclosure date of this announcement, the due diligence work has been completed.
Jiangxi China Gas Investment Co., Ltd. completed the acquisition of 7.41166% stake in Xinjiang Torch Gas Co., Ltd (SHSE:603080) on September 28, 2022.
Xinjiang Torch Gas Co., Ltd. is a China-based company principally involved in the transmission and distribution of urban gas, sales and installation of gas facilities and equipment. The Companyâs main businesses include sales of gas and home installation of gas equipment services, among which the gas sales clients include residents, industrial and commercial gas users and compressed natural gas (CNG) vehicle users, and installation business clients include municipal construction authorities, dedicated pipeline customers and real estate development companies. The Companyâs other businesses include gas meter replacement for users and sales of gas cards.