Brief: Chu Kong Petroleum And Natural Gas Steel Pipe updates on deemed disposal due to capital injection by Fangyang in the JV

Chu Kong Petroleum and Natural Gas Steel Pipe Holdings

18/11/2016 12:31

Nov 18 (Reuters) - Chu Kong Petroleum And Natural Gas Steel 
Pipe Holdings Ltd  1938.HK  
    * Unit entered into subscription agreement with Fangyang 
    * Pck (Lianyungang) also entered into a non-legally binding 
memorandum of understanding with Fangyang 
    * Fangyang will further inject RMB200 million by cash to 
registered capital of JV company 
    * JV co entered into construction agreements 
    * Upon completion of capital injection, Fangyang will hold 
33.33% of enlarged registered capital of JV 
    * JV to purchase bimetal composite plate processing 
equipment and construction of processing plant for rmb2.5 
billion 
    * PCK (Lianyungang) will inject existing land and equipment 
at market value of RMB982 million and fangyang will inject 
RMB500 million 
 
Source text for Eikon:  ID:nHKS5yCgt3  
Further company coverage:  1938.HK  
 
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