Baofeng Energy to invest in the establishment of a subsidiary in Inner Mongolia
2020-07-02 15:56:05 [Print]
On the evening of July 1, Baofeng Energy announced that it would set up a subsidiary in Inner Mongolia. The subsidiary is located in Tuke Project area, Sulige Economic Development Zone, Wushen Banner, Ordos City, Inner Mongolia, with a registered capital of RMB1 billion (USD141 million).
Baofeng Energy will invest RMB950 million (USD134 million) and hold a 95% equity, according to the announcement. Its wholly-owned subsidiary, Ningxia Baofeng Energy Group Olefin No.2 Plant Co., Ltd. Will invest RMB50 million (USD7.07 million) and held the remaining 5% of the equity. The Inner Mongolia subsidiary will mainly focus on the production and sales of high-end coal-based new materials (excluding dangerous goods), coal mining, washing and marketing, project construction of coal gasification to produce olefins and downstream products (excluding related dangerous goods projects) and internal research and development.
Baofeng Energy will invest RMB950 million (USD134 million) and hold a 95% equity, according to the announcement. Its wholly-owned subsidiary, Ningxia Baofeng Energy Group Olefin No.2 Plant Co., Ltd. Will invest RMB50 million (USD7.07 million) and held the remaining 5% of the equity. The Inner Mongolia subsidiary will mainly focus on the production and sales of high-end coal-based new materials (excluding dangerous goods), coal mining, washing and marketing, project construction of coal gasification to produce olefins and downstream products (excluding related dangerous goods projects) and internal research and development.
