HONG KONG, Dec. 11, 2015 /PRNewswire/ -- Blue Sky Power Holdings Limited (or "the Company", together with its subsidiaries, the "Group", HKSE stock code: 6828) announced that, on 11 December 2015 (after trading hours), the Company, conditionally agreed to acquire the entire issued share capital of Fox Smart Ltd. at the Consideration of HK$136 million.
Fox Smart Ltd., through its subsidiaries, is principally engaged in the investment of LNG refueling stations for vehicles and vessels and LNG trading business in the PRC. Upon the completion of reorganization, it will hold 40% equity interest in Hainan Zhongyou Jiarun through Shenzhen Jiashi. Hainan Zhongyou Jiarun Group shall become associated companies of Fox Smart Ltd. The Hainan Zhongyou Jiarun Group currently (1) operates two LNG refueling stations for vehicles and one gasification station using LNG in Hainan Province; (2) operates three LNG refueling stations for vehicles and two movable LNG refueling equipment for vehicles, which will be converted into LNG refueling stations, in Hefei, Anhui Province; (3) engages in LNG trading business in Anhui Province; and (4) constructs one LNG refueling station for vessels in Wuhu, Anhui Province.
Mr. Tommy Cheng, Chairman and Executive Director of Blue Sky Power Holdings Limited, said, "The Proposed Acquisition, if proceeded, will help the Group to develop its business in LNG refueling stations for vehicles and vessels, as well as its trading business. The Proposed Acquisition is expected to enable the Group to expand its market share in Hainan Province and broaden its business focus from existing CNG refueling stations to LNG refueling stations."
Meanwhile, in 2014, the Hainan Zhongyou Jiarun Group obtained a government approval to construct a LNG refueling station for vessels in Wuhu, Anhui Province. The station is expected to complete by end of 2016. The Directors believe that the Proposed Acquisition will broaden its income streams by supplying LNG to LNG vessels. Also, the Proposed Acquisition enables the Group to carry out its development plan and readily tap into the LNG trading business operated by the Hainan Zhongyou Jiarun Group in Anhui Province.
Blue Sky Power Holdings Limited
Blue Sky Power Holdings Limited (HKSE stock code: 6828) is engaged in the natural gas distribution business in the PRC since late 2013 and has entered into agreements to acquire natural gas business in the PRC, including Shandong, Jiangsu, Hubei, Hainan, Sichuan and Liaoning Provinces.