HONG KONG, Feb. 13, 2012 /PRNewswire-Asia/ -- Ruifeng Petroleum Chemical Holdings Limited (stock code: 8096.HK, the “Company” or “Ruifeng”) is pleased to announce that the Company signed a cooperation letter of intent with Beijing Black Sea Horizon Investment Holdings Limited and its subsidiaries (the “Beijing Black Sea Group”) and Beijing Xuan Fu Real Estate Development Company Limited (“Beijing Xuan Fu”) on 10 February 2012 (after trading hours) in relation to the negotiation on (1) becoming a substantial shareholder of the Company through share acquisition; and (2) the joint development of various businesses, such as oil imports and exports, oil processing and storage, in China.
The Beijing Black Sea Group and Beijing Xuan Fu are currently establishing a joint venture company, via which they intend to become a substantial shareholder of the Company through acquiring the shares of the Company, aiming to jointly develop various businesses, such as oil imports and exports, oil processing and storage, in China with the Company.
The Beijing Black Sea Group is mainly engaged in local and international investments, one of those is the imports and exports and trading of oil, oil storage, etc. Beijing Xuan Fu is principally engaged in the development and investment in real estate, etc. in major cities in China and has an asset value of approximately RMB5 billion.
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About Ruifeng Petroleum Chemical Holdings Limited
Ruifeng is listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited (stock code: 8096) and is principally engaged in (i) heavy oil and fuel oil processing, trading of fuel oil and related products, and leasing of storage tanks and related facilities to its customers; and (ii) the development and distribution of computer solutions and related products.
