Chengdu Gas Group Corporation Ltd. (SHSE:603053) entered into a letter of intent to acquire Chengdu Kaineng Natural Gas Co., Ltd. from Huang Wenzhong, Wang Huilin and Li Wenhua for approximately CNY 280 million on September 1, 2020. Under the terms of the transaction, Huang Wenzhong will transfer 93.04% stake for CNY 260.512 million, Wang Huilin will transfer 4.67% for CNY 13.076 million and Li Wenhua will transfer 2.29% stake for CNY 6.412 million. The transaction price is paid in installments, and the transferee shall pay the transferor in full within 10 working days from the date when the preconditions for payment of each installment are met. Independent directors Issued independent opinions on this transaction Consideration will be financed using own funds. For the year ended December 31, 2019, Chengdu Kaineng Natural Gas Co., Ltd. reported total assets of CNY 118.15 million, Net assets of CNY 81.02 million, EBIT of CNY 108.87 million and Net profit of. CNY 23.25 million. Transaction has been approved by 31st meeting of the first board of directors and the 10th meeting of the first board of supervisors of Chengdu Gas Group Corporation Ltd.