United Energy Unit to Buy 52% Stake in Energy Firm

MT Newswires Live

02-17

United Energy Group (HKG:0467) unit Super Success International agreed to acquire 24,840,158 shares or a 52% holding in Orient Group Beijing Investment from Orient Group Industrial & Development for $19 million, a Saturday Hong Kong bourse filing said.

On completion, Super Success International will also purchase an over $3.6 million shareholder loan provided by Orient Industrial to the target company along with the interest accrued.

Mauritius-incorporated Orient Group Beijing Investment engages in the development and operation of a 99-megawatt wind power project in Pakistan and renewable energy projects in China through its units.

Zhang Hong Wei, the controlling shareholder and an executive director of natural gas and petroleum company United Energy Group, also indirectly owns a 100% interest in Orient Group Beijing Investment.

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