Hans Energy Unit to Buy 54% Stake in Transport Services Company

MT Newswires Live05-24

Hans Energy (HKG:0554) unit Glorify Group has conditionally agreed to acquire 54.44% equity interest in Bravo Transport Holdings from Templewater Bravo Holdings and Ascendal Bravo for around HK$2.72 billion, a Thursday filing on the Hong Kong bourse said.

The consideration for the deal will be settled through cash and the issue of a little over 278.9 million consideration shares. The shares represent around 6.6% of the integrated oil facilities provider's enlarged issued share capital.

Following completion, Glorify Group and Templewater Bravo will hold 70% and 30% of the total issued share capital, respectively, of the target company.

Shares of Hans Energy closed over 11% lower on Friday.

Price (HKD): $0.36, Change: $-0.05, Percent Change: -11.25%

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