CIMC Enric has signed an agreement with the three shareholder companies of Sinopacific Offshore Engineering Co Ltd (SOE) at the former’s R&D Centre in Shenzhen, southern China for the official transfer of equity.
Chunhe Holding Group Co. Ltd, SinoPacific Shipbuilding Group, and SOEG PTE Ltd all signed the agreement, which will see CIMC Enric first acquire 63.31% of the equity of SOE and acquire the balance after three years’ time.
The deal is seen as a major strategic capital operation following CIMC’s acquisition of Nanjing Yangzi Petrochemical Design Engineering Company, Sichuan Jinke cryogenic equipment Engineering Co., Ltd., and Liaoning Harbin Cryogenic Gas Liquefaction Equipment Co., Ltd., in the field of domestic energy equipment.
Mai Boliang, President of CIMC, explained the project was a good start of cooperation with the Chunhe Group and that the two groups will have increasing cooperation opportunities in the future.
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