Premiere Eastern Energy Limited's
(ASX:PEZ) wholly owned subsidiary Guangzhou King-Win Enterprise Management & Services Co Limited has entered into a binding takeover agreement to acquire Guangzhou Universal Energy Management & Consulting Co Limited.
Universal’s portfolio consists of holdings in a retail petrol station business alongside a convenience store company.
The purchase will be made for cash consideration of RMB 35.2 million.
Finalisation of the purchase is expected to occur within the next 3 months, subject to registration of the agreement with the Administration for Industry and Commerce in the People’s Republic of China.
Premiere Eastern Energy recorded a net profit of $14.4 million at 31 December 2015.
