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China LNG Group Ltd enters into framework agreement with Xuzhou Transportation; intends to set up subsidiary; updates on H1 2014 profit outlook


Monday, 4 Aug 2014 08:39am EDT 

China LNG Group Ltd:Entered into the Framework Agreement with Xuzhou Transportation in relation to the Cooperation in developing the LNG businesses in Xuzhou, Jiangsu Province in the PRC.Xuzhou Transportation agreed to support the company to develop the LNG businesses in Xuzhou City with a mega stated owned enterprise.The company intends to set up a subsidiary with registered capital of 200 mln yuan (about HK$251,580,000) to engage in LNG application-oriented businesses.Xuzhou Transportation agreed to assist, support and give appropriate guidance to the company and assist the Company to coordinate with relevant departments of the People‚Äôs Government of Xuzhou City to develop the LNG businesses in transportation sectors in Xuzhou City.After signing of the Framework Agreement, the company need to provide the investment proposal in relation to the Cooperation to Xuzhou Transportation within six months.Expects H1 2014 net profit after tax to be about HK$280 mln, , mainly generated from the realised and unrealised gain on trading of listed securities and disposal of the convertible bonds. 

Company Quote

1.33
-0.05 -3.62%
2:59am EST