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Tuesday, 20 September 2016, 18:15 HKT/SGT
China Huarong Overseas Invests in and Set to Become Controlling Shareholder of Sino Energy
Actively Pursues Energy-related Business

HONG KONG, Sept 20, 2016 - (ACN Newswire) - China Huarong Overseas Investment Holdings Co., Limited ("China Huarong Overseas") announced that it has invested in Sino Energy International Holdings Group Limited ("Sino Energy"; HKSE stock code: 1096) and is set to become its controlling shareholder. China Huarong Overseas will help Sino Energy actively pursue energy-related business.

China Huarong Overseas had for a number of times during the year acquired shares of Sino Energy. On 23 June, China Huarong Overseas subscribed in the aggregate principal amount of HK$92,000,000 at the conversion price of HK$0.4378, two-year convertible bonds of Sino Energy, which carry an interest rate of 7.5% per annum. Subsequently, on 6 July, China Huarong Overseas bought 465,884,543 shares of Sino Energy at HK$216,000,000 through its 65.43% owned subsidiary Huarong Energy. The transaction was completed on 8 July with Huarong Energy then holding 29% equity interests in Sino Energy. On 31 August, Huarong Energy again agreed to subscribe, in the aggregate principal amount of HK$120,000,000 at the conversion price of HK$0.46805, two-year convertible bonds of Sino Energy which carry an interest rate of 7.5% per annum. On full conversion, Huarong Energy would hold 34.84% stake in Sino Energy and China Huarong Overseas and Huarong Energy together would hold 44.98% equity interests in Sino Energy, and become its controlling shareholder. The transaction is still subject to checks on compliance and in relation to other regulatory requirements and relevant approvals.

China Huarong Overseas is an indirect non-wholly-owned subsidiary of China Huarong Asset Management Co., Ltd. ("China Huarong"), one of the four asset management companies approved for establishment by the State Council of China. Its principal businesses include distressed asset management, financial services and asset management and investment and its H shares are listed on the The Stock Exchange of Hong Kong in October 2015. Sino Energy has been actively transforming its business in recent years, exploring investment opportunities with strong potential. It started developing gas station operations in China through acquisitions in the first half year and the new business has begun to contribute profit. With national policies favoring and helping to drive long-term development of natural gas and related energy businesses, the investment made by China Huarong Overseas in Sino Energy will enable the latter to hasten business transformation. With an extensive business network and abundant resources, China Huarong Overseas will actively assist Sino Energy in exploring opportunities for expanding energy-related business and generate better returns for shareholders.

Sept 20, 2016 18:15 HKT/SGT
Topic: Press release summary
Sectors: Financial, Business
From the Asia Corporate News Network

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