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Ngai Lik Industrial Holdings Limited (Proposed to be renamed as Yuan Heng Gas Holdings Limited) Announces the approval of resolutions (i) Acquisition of the entire issued share capital of Union Honor Limited, (ii) Appointment of Executive Director, and (iii) Change of Company Name

2014-05-08 20:06
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HONG KONG, May 8, 2014 /PRNewswire/ -- Ngai Lik Industrial Holdings Limited (proposed to be renamed as Yuan Heng Gas Holdings Limited, "Yuan Heng Gas", the "Company" or the "Group", stock code: 0332) is pleased to announce the approval of three resolutions during the Special General Meeting ("SGM") today, including (i) acquisition of the entire issued share capital of Union Honor Limited, (ii) appointment of Executive Director, and (iii) change of company name.

Acquisition of the entire issued share capital of Union Honor Limited ("UHL") with consideration of HK$3,068,246,340 was approved during the SGM, in which HK$70,000,000 would be paid in cash, while the rest of HK$2,998,246,340 would be paid by issuing and allotting a total of 4,283,209,057 consideration shares at an issue price of HK$0.70 per consideration share. Upon completion of transaction, UHL will become an indirect wholly-owned subsidiary of the Company, and the financial results and position of UHL Group will be consolidated into the consolidated financial statements of the Group.

UHL is principally engaged in processing, distribution, sales, trading and transportation of liquefied natural gas ("LNG") and other auxiliary business in the PRC. UHL liquefies the natural gas into LNG through the two natural gas liquefaction plants situated in Sichuan Province and Inner Mongolia Autonomous Region, operated by Dazhou Huixin and Erdos Xingxing (both are non-wholly owned subsidiaries of UHL) and thereafter sell and supply to wholesale and retail customers. It also built LNG satellite stations and LNG fueling station for the purpose of storage and distribution of LNG and supply to commercial and industrial users. In respect of LNG trading business, customers are mainly energy or gas enterprises in the PRC. The designed processing capacity of the two natural gas liquefaction plants is 200,000 tonnes of LNG per annum each and daily processing capacity is 1,000,000m3. At present, the combined annual production capacity is up to 400,000 tonnes of LNG per annum.

Besides, to reflect the Company's plan to focus its business in the energy industry, in particular, the sector relating to natural gas, as well as to improve the Company's corporate image and identity, it was approved the English name of the Company to be changed from ''Ngai Lik Industrial Holdings Limited'' to ''Yuan Heng Gas Holdings Limited'' and ''Yuan Heng Gas Holdings Limited'' to be adopted as the secondary name of the Company upon completion of the acquisition of UHL.

Mr. Wang Jianqing, Chairman of Yuan Heng Gas, said, "We are very pleased to have the three resolutions approved. Going forward, the Group will continue to develop its oil and gas trading business platform by expanding its product range and covering wider trade areas in Asia Pacific region. The acquisition of UHL, which possesses well-established LNG processing, distribution, sales, trading, transportation and other ancillary operations and networks, is considered as complementary and a reinforcement to the Group's existing energy division. We believe that the acquisition is in line with the development strategies of the Group, and can create long-term and strategic benefits to the Group."

Source: Ngai Lik Industrial Holdings Limited

Related stocks: HongKong:0332

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