Beijing Gas Blue Sky entered into a Strategic Cooperation Agreement with GPS, an energy investment holding in Thailand to develop energy related business; also entered into Shares Subscription Agreement with GPS's key shareholder
HONG KONG, Jan, 24 2018 - (Media OutReach) - Beijing Gas Blue Sky Holdings Limited ("the Company" or "Beijing Gas Blue Sky", together with its subsidiaries, the "Group", HKSE: 6828) is pleased to announce that, the Company entered into the Subscription Agreement with Mrs. Surangrat Chirathivat, a key shareholder and president of Global Power Synergy Group (Thailand) Company Limited ("GPS"), an energy investment holding in Thailand. The Company also entered into a non-binding Strategic Cooperation Agreement with GPS, to create a strategic cooperation relationship between the parties.
GPS was solely funded and established by Mrs. Surangrat Chirathivat and her husband, both of whom are family members of Central Group, one of Thailand's largest conglomerate running more than 4,800 locations/branches of store network globally with net saleable area of over 4.5 million sq.m. and revenue of 2016 over US$9.17 billion. GPS is an investment company in various energy related assets as well as energy commodities trading business. Together with its partners, the company has handled over US$2billion in value of trading activities. The company aims to strengthen electricity security for Thailand, and natural gas is deemed to be the main source of electricity generation for the country. As such, GPS has been heavily focused on expansion in natural gas business and actively seeking for global strategic partners especially in Asia favouring Thai government's policies, one of which is to support cooperation and connectivity among countries in One Belt One Road Initiative of The People's Republic of China.
The Company has conditionally agreed to issue 150 million new Shares to Mrs. Surangrat Chirathivat, representing approximately 1.50% of the issued share capital of the Company as enlarged by the issue and allotment of the Subscription Shares, at a Subscription Price of HK$0.57 per Subscription Share, representing a premium of approximately 3.64% to the closing price of HK$0.55 per Share as quoted on the Stock Exchange on the Last Trading Date. The net proceeds of the Subscription shall be approximately HK$83 million, and it is expected that the net proceeds will be used to finance the expansion of the natural gas business and as the general working capital of the Group.
Pursuant to the Strategic Cooperation Agreement, the parties have agreed, among other things, the followings:
a) In view of the encouraging energy related business development opportunities and collaborations in the South East Asia, Northeast Asia, (including the People's Republic of China) and Oceania, subject to the specific contracts to be entered between the parties, the parties would like to cooperate in selected projects, in the following aspects:
i) sourcing and trading of liquefied nature gas ("LNG") for buyers in Southeast Asia and Northeast Asia;
ii) supplying of LNG to power plants and/or other infrastructure in Thailand and Southeast Asia;
iii) increasing natural gas usage in Thailand; and
iv) utilizing from each Party's competitive advantages to enhance business opportunities and development of this cooperation.
b) The geographic focus of the business will be Southeast Asia, Northeast Asia and Oceania.
Mr. Tommy Cheng, Co-Chairman, Chief Executive Officer and Executive Director of the Group said that "We believe the Subscription represents an ideal opportunity for the Company to raise additional capital for its future business developments, to enhance its capital base and broaden its shareholders' base at reasonable cost. Furthermore, we believe the entering into of the Strategic Cooperation Agreement will create a strategic cooperation relationship between the Company and GPS and potentially realize more business opportunities for the Group."
About Beijing Gas Blue Sky Holdings Limited
Beijing Gas Blue Sky Holdings Limited ("Beijing Gas Blue Sky", HKSE stock code: 6828) is an integrated natural gas provider, distributor and operator, with an emphasis on the midstream and downstream natural gas development. Our natural gas business includes: (i) construction and operation of compressed natural gas ("CNG") and liquefied natural gas ("LNG") refueling stations for vehicles; (ii) construction of natural gas pipelines and operation of city gas projects by providing piped gas; (iii) direct supply of LNG to end-users; and (iv) trading and distribution of CNG and LNG.
The Group has adapted to the "One Belt One Road" policy, and focus on operating and investing natural gas business. The Group is actively expanding its business development and distribution, as well as continues to gradually expanding the scale of operations. Currently, the Group has business presence in several provinces in Northeast China, East China, Central South China and Southwest China, including Liaoning Province, Shandong Province, Anhui Province, Zhejiang Province, Hubei Province, Guizhou Province, Sichuan Province and Hainan Province, etc. The Group is committed to its vision: "develop clean energy, enhance customer value, create a beautiful blue sky". In the future, it will continue to actively investing and developing natural gas business, as well as participating in the development of natural gas industry value chain.
For media inquiries, please contact:
Stimulus Investor Relations Ltd.
Contact: Ms. Hill Ho / Mr. Michael Yeung
Tel: +852 3159 2944 / +852 3159 2994
Email: [email protected] / [email protected]
Source: Beijing Gas Blue Sky Holdings Limited
Copyright ©2019 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
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