Completion of the subscription shall take place on the 30th business day after all the conditions precedent under the Agreement having been fulfilled or waived (or such other date as the parties to the Agreement may agree).
Upon the completion, the Company will indirectly own 50% equity interest of the Target Company, representing approximately 10.5% equivalent interest in Yantai LNG Terminal Project Company of which 21.0% equivalent interests is held by the Target Company.
The directors of the Group are optimistic about the prospects of the Yantai LNG Terminal Project that its annual income is estimated at approximately RMB2.5 billion by the top management of the Group. The Yantai LNG Terminal Project is listed as 2021 China's major project in Shandong Province and will be the 23rd LNG terminal in China. As of now, China has 22 LNG terminals, in which 15 of them are owned and operated by government owned enterprises.
The subscription is in line with the investment strategy of the Group and will allow the Group to diversify its income stream and investment portfolio. The Group will explore opportunity to coorperate on the whole value chain of natural gas sector covering production, supply, storage and distribution, to further enhance the Company's foundation in respect of international trade of liquefied natural gas.
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Notes to editors:
INFORMATION OF THE COMPANY
Elegance Optical International Holdings Limited is principally engaged in the manufacture and trading of optical frames and sunglasses, property investment, investment in debts and securities, film investment and distribution businesses and energy business. The Group refers to the Company and its subsidiaries.
INFORMATION OF EXISTING SHAREHOLDER AND THE TARGET COMPANY
The Existing Shareholder is Zheng Fang, a PRC resident and a merchant. The Target Company refers to H. Sterling LNG Terminal Holding Limited, an investment holding company incorporated in the British Virgin Islands with limited liability and is wholly-owned by the Existing Shareholder as at the date of the agreement.
INFORMATION OF THE SUBSCRIBER
Green Source Global Limited, a company incorporated in the British Virgin Islands with limited liability, is an indirect wholly-owned subsidiary of the Company.
INFORMATION OF YANTAI LNG TERMINAL PROJECT COMPANY
Yantai LNG Terminal Project Company is principally engaged in the gas operation, import and export of goods and technology and import and export agency services, and is a project company established to implement the Yantai LNG Terminal Project.
INFORMATION OF THE YANTAI LNG TERMINAL PROJECT
The Yantai LNG Terminal Project aims to invest in and construct the Liquefied Natural Gas Terminal in Yantai Port in Shandong. It is expected that the Yantai LNG Terminal Project will commence operation in 2023, and will have an operation period of 25 years. The Yantai LNG Terminal Project was formally approved by the National Development and Reform Commission of the PRC in January 2020, and is currently in the phase of port construction.
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source https://www.acnnewswire.com/press-release/english/68576/