Sinowisdom Capital cancelled the acquisition of an additional 10% stake in Zhejiang Sinowisdom Haiyue Investment Co., Ltd from Zhejiang Haiyue Co. Ltd..
January 08, 2013 at 11:00 pm EST
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Sinowisdom Capital signed an agreement to acquire additional 10% stake in Zhejiang Sinowisdom Haiyue Investment Co., Ltd from Zhejiang Haiyue Co. Ltd. (SHSE:600387) for CNY 50 million on January 9, 2012. Zhejiang Sino Wisdom Investment will acquire 50 million shares in Zhejiang Sinowisdom Haiyue Investment Co., Ltd. As a result of transaction, Zhejiang Sino Wisdom Investment Co., Ltd will hold 21% stake and Zhejiang Haiyue Co will hold 10% stake in Zhejiang Sinowisdom Haiyue. As of November 30, 2011, Zhejiang Sinowisdom Haiyue Investment Co., Ltd reported total assets of CNY 400.56 million, net assets of CNY 358.06 million and net loss of CNY 118.63 million. The transaction was approved by Board of Directors of Zhejiang Haiyue Co., Ltd on January 9, 2012.
Sinowisdom Capital cancelled the acquisition of an additional 10% stake in Zhejiang Sinowisdom Haiyue Investment Co., Ltd from Zhejiang Haiyue Co. Ltd. (SHSE:600387) on January 9, 2013.
HY Energy Group Co.,Ltd, formerly ZHEJIANG HAIYUE CO., LTD, is a China-based company, principally engaged in the production of propylene, iso-octane and Methyl Ethyl Ketone, and the storage, wholesale and retailing of naphtha and diesel oil and liquefied gas. The Company is also engaged in commodities distribution, road toll collection and housings leasing businesses. The Company distributes its products within domestic market and to overseas markets.
Sinowisdom Capital cancelled the acquisition of an additional 10% stake in Zhejiang Sinowisdom Haiyue Investment Co., Ltd from Zhejiang Haiyue Co. Ltd..
HY ENERGY GROUP CO.,LTD 
