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  • Written by Media Outreach
HONG KONG SAR - Media OutReach - 13 January 2023 - Yanchang Petroleum International Limited ("Yanchang Petroleum International" or the "Company", together with its subsidiaries, the "Group"; Stock code: 346.HK) announced completion of the share subscription agreement with ChangAn HuiTong Investment (Hong Kong) Company Limited ("ChangAn HuiTong"), a wholly-owned subsidiary of Shaanxi Province State-owned Assets Supervision and Administration Commission ("Shaanxi SASAC"), under which ChangAn HuiTong subscribed for 3,667,009,346 new shares of the Company at a cash consideration of approximately HK$280,893,000. The proceeds will be mainly used for the development of the upstream oil and gas production business in Canada operated by Novus Energy Inc., a subsidiary of the Company.

The subscription price of HK$0.0766 per subscription share represents a premium of approximately 45.6% to the average closing price of approximately HK$0.0526 per share for the five consecutive trading days of shares immediately prior to the date of the subscription agreement. Upon completion of the subscription, ChangAn HuiTong will hold approximately 16.7% of the enlarged issued share capital of the Company, making it the second largest shareholder of the Company, while Yanchang Petroleum Group will remain the largest shareholder of the Company with an approximately 57.7% stake.

Mr. Feng Yinguo, Chairman of Yanchang Petroleum International, said, "We are delighted to have Shaanxi SASAC's subsidiary ChangAn Huitong as our strategic shareholder. The proceeds will strengthen our financial position to propel our business development and expansion. We will continue to bolster the development of Novus's oil and gas business, in order to improve our profitability and bring returns to our shareholders."

Hashtag: #YanchangPetroleumInternational

The issuer is solely responsible for the content of this announcement.

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