CEFC Petroleum Co., Ltd. cancelled the acquisition of 50% stake in Anhui Xingnuo Chemical Industry Co., Ltd. from Cefc Anhui International Holding Co., Ltd..
September 23, 2016
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CEFC Petroleum (Guangdong) Co., Ltd. agreed to acquire 50% stake in Anhui Xingnuo Chemical Industry Co., Ltd. from Cefc Anhui International Holding Co., Ltd. (SZSE:002018) for CNY 32.5 million on September 23, 2015. In related transactions, CEFC Petroleum (Guangdong) Co., Ltd. agreed to acquire 51% stake in Anhui Huajian Chemical Industry Co., Ltd. from Cefc Anhui International Holding Co., Ltd. for approximately CNY 390 million; CEFC Petroleum (Guangdong) Co., Ltd. agreed to acquire 100% stake in Anhui Niannianfu Modern Agriculture Co., Ltd. from Cefc Anhui International Holding Co., Ltd. for CNY 56.5 million; and CEFC Petroleum (Guangdong) Co., Ltd. agreed to acquire 100% stake in Anhui Huaxing Chemical Industry Co., Ltd. from Cefc Anhui International Holding Co., Ltd. for CNY 1.5 billion on September 23, 2015.
Anhui Xingnuo Chemical Industry reported total assets of CNY 133.2 million, total owner’s equity of CNY 115.03 million, operating loss of CNY 9.29 million and net loss of CNY 9.29 million as of December 31, 2014. The deal is subject to approval of the shareholders of Cefc Anhui International Holding. As of September 23, 2015, CEFC Petroleum (Guangdong) Co., Ltd.’s shareholders approved the acquisition. The deal was approved by the Board of Directors of Cefc Anhui International Holding on September 24, 2015. Haitong Securities Co., Ltd. acted as independent financial advisor, Allbright Law Offices acted as legal advisor and Huapu Tianjian Certified Public Accountants acted as accountant for Cefc Anhui International Holding Co., Ltd.
CEFC Petroleum (Guangdong) Co., Ltd. cancelled the acquisition of 50% stake in Anhui Xingnuo Chemical Industry Co., Ltd. from Cefc Anhui International Holding Co., Ltd. (SZSE:002018) on September 23, 2016.
Cefc Anhui International Holding Co., Ltd., is a China-based company principally engaged in fertilizers and agricultural chemicals businesses, as well as the energy businesses. The Company operates in three segments. The Fertilizers and Agricultural Chemicals segment provides insecticides, herbicides and fungicides, among others. The Energy segment is mainly engaged in the distribution and transportation of liquefied gas, as well as the petroleum products trading. The Financial Business segment is mainly engaged in the factoring businesses. The Company distributes its products within domestic market and to overseas markets.
CEFC Petroleum Co., Ltd. cancelled the acquisition of 50% stake in Anhui Xingnuo Chemical Industry Co., Ltd. from Cefc Anhui International Holding Co., Ltd..