China Rongsheng Heavy Industries acquires 60% interest in Kyrgyzstan project
China Rongsheng Heavy Industries Group Holdings Limited announce, that Ocean Sino Holdings Limited, an indirectly wholly-owned subsidiary of the Company, has entered into a share purchase agreement with New Continental Oil & Gas Co. Ltd., the company said in its press release.
Pursuant to the share purchase agreement, Ocean Sino Holdings Limited conditionally agreed to acquire a 60% equity interest in Central Point Worldwide Inc., a wholly-owned subsidiary of New Continental Oil & Ga s Co. Ltd., at the consideration of HK$2.184 billion, which shall be satisfied by the allotment and issue of 1,400,000,000 consideration shares of the Company.
The acquisition involves four oilfields adjacent to the Fergana Valley of Kyrgyzstan comprising five oilfield zones namely, Maili-Su IV, Eastern Izbaskent, Izbaskent, Changyrtash and Chigirchik. Under the agreements entered into with the national oil company of Kyrgyzstan and a project company , the Project Company was granted rights to cooperate with the national oil company of Kyrgyzstan in the operation of the five oilfields zones.
