GCL New Energy (HKG:0451) agreed to acquire the entire issued share capital of Harmonic Century Global from Golden Concord Group for 325 million yuan, a Friday Hong Kong bourse filing said.

Of the total consideration, 200 million yuan will be paid in cash. In comparison, 65 million yuan will be settled by way of allotment and issue of 153.4 million consideration shares at HK$0.45 apiece by the company.

The company will settle the remaining 60 million yuan by way of the issue of convertible bonds, and upon completion, the target company will become a subsidiary of the company.

GCL Petroleum and Natural Gas, a subsidiary of the target company, will continue to provide certain loans to Jiangsu Xiexin Electric Power and Taicang Harbour Golden Concord Electric-power Generation after the completion of the acquisition.