Chongqing Iron & Steel acquires Qianxin Energy for more than RMB800 million
2020-07-16 17:46:39 [Print]
Chongqing Iron & Steel announced on the evening of July 15 that the company and Chongqing Qianxin Group Co., Ltd. signed a "Property Rights Transaction Contract" to purchase 100% equity of Chongqing Qianxin Energy Environmental Protection Co., Ltd. at a price of approximately 837 million yuan (USD120 million).
The data shows that the registered capital of Qianxin Energy is about 526 million yuan, which is a self-provided power plant supported by the "Chongqing Iron and Steel Implementation of Energy Saving and Emission Reduction Environmental Protection Relocation Project" (approved by the Municipal Development and Reform Commission in 2007). The fuel used is all from Chongqing Iron and Steel's blast furnace and converter gas, and all the electricity produced is supplied to Chongqing Iron and Steel.
Chongqing Iron and Steel stated that the purchase of shares of Qianxin Energy can ensure that the company's generator sets and production maintain a high degree of coordination, and ensure the full recycling of surplus gas, which is in line with the company's business development needs and development strategies.
The data shows that the registered capital of Qianxin Energy is about 526 million yuan, which is a self-provided power plant supported by the "Chongqing Iron and Steel Implementation of Energy Saving and Emission Reduction Environmental Protection Relocation Project" (approved by the Municipal Development and Reform Commission in 2007). The fuel used is all from Chongqing Iron and Steel's blast furnace and converter gas, and all the electricity produced is supplied to Chongqing Iron and Steel.
Chongqing Iron and Steel stated that the purchase of shares of Qianxin Energy can ensure that the company's generator sets and production maintain a high degree of coordination, and ensure the full recycling of surplus gas, which is in line with the company's business development needs and development strategies.
