The acquisitions will be effected via a newly incorporated wholly-owned subsidiary, Fortune Gas Technology Co, and will be funded from Fortune Oil’s existing resources.
The total consideration payable for the subsidiaries is an estimated initial payment of RMB104.6m (£9.71m) and deferred payment of RMB50m (£4.64m).
Fortune Oil chief executive Tee Poon said that these strategic acquisitions, particularly in the conversion technologies, will move Fortune Oil up the technology ladder, enhance its competitive advantage and develop its capabilities.
