Hubei State-owned Capital Management Co., Ltd. announced that it expects to receive CNY 400 million in funding from Hubei Hongtai State-Owned Capital Invesment Operation Group Co., Ltd., Top Resource Conservation & Environment Corp., Three Gorges Capital Holding Co., Ltd., Huaneng Guicheng Trust Co., Ltd., Asset Management Arm
January 19, 2017
Share
Hubei State-owned Capital Management Co., Ltd. announced a private placement of 388,349,515 shares at a price of CNY 1.03 for gross proceeds of CNY 400,000,000 on January 20, 2017. The transaction includes participation from new investor, Top Resource Conservation and Environment Corp. which will invest CNY 50,000,000, existing investor, Hubei Hongtai State-owned Capital Investment Management Group Co., Ltd. which will invest CNY 50,000,000, and new investors, Three Gorges Capital Holding Co., Ltd. which will invest CNY 100,000,000 and Huaneng Guicheng Trust Co., Ltd. which will invest CNY 200,000,000. The transaction was approved in the 39th session of the 2rd directorate of Top Resource Conservation and Environment Corp. The company and the investors entered into a capital increase agreement as part of the transaction. On closing, the capital of the company will increase from CNY 200,000,000 to CNY 588,349,500. The transaction is not subject to approval from the shareholders of Top Resource Conservation and Environment Corp. On closing, Hubei Hongtai State-owned Capital Investment Management Group Co., Ltd.’s stake in the company will be diluted from 100% to 42.25%, Three Gorges Capital Holding Co., Ltd. will hold 16.5%, Huaneng Guicheng Trust Co., Ltd. will hold 33%, and Top Resource Conservation and Environment Corp will hold 8.25% stake in the company.
Top Resource Energy Co Ltd, formerly Top Resource Conservation & Environment Corp, is a China-based company principally engaged in the natural gas supply and related equipment installation, as well as the contract energy management of cogeneration projects. Its cogeneration businesses include the investment, construction and operation of cogeneration power plants, the utilization of excess heat and pressure in gas pipeline pressuring stations, as well as the provision of contracting and technical services for cogeneration projects. The Company also provides contracting and technical services for flue-gas treatment projects, Internet financial information services and commodity sales services. The Company mainly operates its businesses in domestic market.
Hubei State-owned Capital Management Co., Ltd. announced that it expects to receive CNY 400 million in funding from Hubei Hongtai State-Owned Capital Invesment Operation Group Co., Ltd., Top Resource Conservation & Environment Corp., Three Gorges Capital Holding Co., Ltd., Huaneng Guicheng Trust Co., Ltd., Asset Management Arm