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[Hansi Energy completes major acquisition to accelerate business diversification]
Hans Energy disclosed that on May 24, through its wholly-owned subsidiary Glorify, it signed acquisition agreements with TWBHoldings and ABL. Under the agreement, Glorify will acquire approximately 54% of BTHLbingoplusnet.44%bingoplusnetShares of the company, with a transaction amount of HK$2.722 billion. Upon completion of the acquisition, Glorify and TWB Holdings will control 70% and 30% of BTHL respectively.
To pay for the acquisition, Hance Energy plans to issue approximately 279 million new shares worth approximately HK$222 million to TWB Holdings, which is subject to listing approval. The new shares are equivalent to 7.05% of the company's issued share capital and 6.59% of the expanded share capital after additional issuance. The issue price is HK$0.7961 per share, a premium of 99.03% to the closing price of HK$0.4 on May 23.
Hansi Energy has a strong rental retail gas station business in China's logistics sector and has been committed to expanding its business scope and increasing revenue sources in order to achieve business diversification and revenue growth.