BEIJING, May 15 (Xinhua) – Xinjiang Xintai Natural Gas announced on Tuesday that it planned to, through its wholly-owned sub-subsidiary, acquire a total of no more than 50.5 percent stakes in AAG Energy Holdings for approximately 2.5 billion yuan, the Xinhua-run Shanghai Securities News reported on Tuesday.
Xinjiang Xintai Natural Gas’s shares have been halted from trading for nearly two months before the announcement, according to the reported.
AAG Energy, which was listed on the main board of the Hong Kong stock exchange in 2015, has accumulated many years of experience in the fields of coalbed methane exploration, development and production, and has strong technical capabilities. At the same time, it has also established long-term stable cooperative relations with China United Coalbed Methane and China National Petroleum Corporation.
Data showed that in 2016 and 2017, the revenue of AAG Energy stood at 411 million yuan and 542 million yuan, respectively, and the company’s net profit was 107 million yuan and 183 million yuan, respectively.
(Edited by Yang Yifan, yangyifan@xinhua.org)
A single purchase
