Sino Union Energy (HKG:0346) amends Gold Grand Inv acq plan


Referring to its acquisition of 30% equity interest in target company Gold Grand Investments Limited from Jubilee Star Holdings Limited, Sino Union Energy Investment (HKG:0346) announced that pursuant to a supplemental agreement, it has been agreed that the promissory note in the principal amount of RMB150 million (HK$184 million) should be fully redeemed by Sino Union while the equity interests acquired by Sino Union would be amended to 11%.

In January, Sino Union issued 300 million shares and the promissory note as consideration for the acquisition of 30% interest in the target company.

The target company has obtained the business operation right granted by the government of Madagascar in relation to the industrial development district (including plants, residential properties and bonded warehouses) and the industries (including oil refining, power and utilities, petroleum and natural gas processing, production and sales) located near the coastal areas in the Toliara Province of Madagascar, with an area of 50 hectares.

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