China Oil HBP Science & Technology Co., Ltd announced that it expects to receive CNY 800 million in funding from Changsha Water Group Co., Ltd.
May 09, 2019
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China Oil HBP Science & Technology Co., Ltd (SZSE:002554) announced that it has entered into a conditional share subscription agreement with Changsha Water Group Co., Ltd. for private placement of not more than 214,000,000 A shares for gross proceeds of up to CNY 800,000,000 on May 9, 2019. The issue price of the shares will be 90% of average price 20 trading days before the pricing reference date. The securities issued will be subject to lock-up period of 36 months. The transaction has been approved by the 8th meeting of the 3rd directorate of the company. The transaction is subject to relevant decision of authorized institution of investor, approval from the state-owned assets supervision and administration commission of Hunan Province, approval from the company’s shareholders, and approval from China Securities Regulatory Commission.
CHINA OIL HBP SCIENCE & TECHNOLOGY CO., LTD is a China-based company, principally engaged in the provision of oil and gas exploitation services. The Company operates its businesses through three segments. The Oil and Gas Field Equipment and Engineering General Contracting segment is engaged in the provision of energy saving and environmental protection system equipment, as well as the engineering general contracting services. The Petrochemical Environmental Protection Equipment and Services segment is engaged in the provision of technical services, including automation engineering and pollutant disposal, among others. The Oil and Gas Development and Utilization segment is engaged in the investment of gas station projects and others. The Company operates its businesses in domestic and overseas markets.