HONG KONG, July 2, 2014 /PRNewswire/ -- China Print Power Group Limited (or "the Company", together with its subsidiaries, the "Group", HKSE stock code: 6828) is pleased to announce that it has entered into a Memorandum of Understanding ("MOU") on 2 July 2014 in relations to a possible acquisition of natural gas projects in Haikou City, Hainan Province, the PRC. The amount of consideration will be subject to further negotiation.
According to the MOU, the Group will acquire the more than 50% equity interest in Well Organising Group Limited, which is a direct wholly owned subsidiary of the prospective vendor. The prospective buyer will procure its indirect wholly owned subsidiary to acquire at least 52% equity interest in Haikou Xin Yuan.
Haikou Xin Yuan is principally engaged in the implementation of the use of natural gas projects in Haikou City, Hainan Province, PRC. Haikou Xin Yuan owns three natural gas filling stations in Haikou City and is carrying on the use of natural gas business. It also through its five non-wholly owned subsidiaries owns another four natural gas filling stations in Haikou City, all of these five non-wholly owned subsidiaries are carrying on the implementation of the use of natural gas projects in Haikou City.
Mr. Sze Chun Lee, Chief Executive Officer and Executive Director of China Print Power Group Limited, said, "The Group is mainly engaged in investment holding and the printing business and sales of paper and leather products. We are actively exploring for business opportunities in other sectors to diversify risk on investment and broaden the sources of income of the Group. We believe that the Possible Acquisition, if materializes, will diversify our business of servicing the natural gas distribution sector in PRC and create more development opportunities to the Group."
