Hong Kong's New Times Energy to acquire 10% of Panjin Synpetro

24 December 2012 07:43  [Source: ICIS news]

SINGAPORE (ICIS)--Hong Kong-listed New Times Energy said on Monday it plans to acquire a 10% stake in China’s Panjin Synpetro Engineering & Technologies for Hong Kong dollars (HK$) 142m ($18.3m) to expand its business.

A memorandum of understanding (MOU) for the deal was signed on 24 December, New Times Energy said in a statement.

Under the MOU, New Times Energy, through its wholly-owned subsidiary Total Belief, will acquire a 10% stake of Rich Joint Group, which indirectly holds a 100% interest of Panjin Synpetro.

Panjin Synpetro is principally engaged in the business of exploitation of old oil and gas wells in China, according to the statement.

A formal agreement is expected to be reached within the next three months, it said.

($1 = HK$7.75)

By: Fanny Zhang
+65 6780 4359

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