Blue Sky Power Holdings Limited (SGX:UQ7) entered into an agreement to acquire a 51% stake in Beijing Gas Group (Teng County) Co,. Ltd. from Beijing Gas Group Co., Ltd. for approximately HKD 150 million in stock on January 5, 2016. Under the terms of the transaction, Blue Sky Power Holdings Limited will issue 337.78 million shares. In related transactions, Beijing Gas Group entered into subscription agreement to subscribe to 2.16 billion Blue Sky shares and HKD 350 million of convertible bond. As of December 31, 2015, Beijing Gas Group (Teng County) Co had net assets of CNY 29.56 million (HKD 35.3 million).

The transaction is subject to consummation of due diligence, restructuring, shareholders of Blue Sky Power, consummation of private placement, listing of shares in Stock exchange, and approval from regulatory authorities. The transaction has been approved by Board of Directors of Blue Sky Power. The special general meeting of shareholders of Blue Sky Power Holdings to be held on March 16, 2016. The transaction was approved at the special general meeting of shareholders of Blue Sky Power Holdings held on March 16, 2016.

Boardroom Corporate & Advisory Services Pte. Ltd. and Tricor Investor Services Limited acted as share transfer agent and The Central Depository (Pte) Limited acted as depository for Blue Sky Power Holdings. J.P. Morgan acted as financial advisor to Beijing Gas Group Co. Ltd. The conversion has been done through www.oanda.com as on December 31, 2015.