Xinao Gas buys 90% stake in Qingdao Xinao from its chairman for HK$16.7 mln

Xinao Gas Holdings (8149) announced its indirectly owned subsidiary BVI reached an acquisition agreement with XGCL, whose 50.7% shareholding was indirectly owned by Wang Yusuo, chairman of Xinao. As the prerequisite precondition of the last item in the agreement has become no condition and all the conditions have been reached, the items needed no changes.

Pursuant to the agreement, BVI agreed to acquire all the 90% stake in Qingdao Xinao held by XGCL for RMB18 mln(circa HK$16.7 mln), which would be financed by all the income from the listing of Xinao.

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