China New Energy initiates reverse takeover of BAPP

December 18, 2013 |

In China, China New Energy has entered into a memorandum of understanding for a reverse takeover of BAPP Ethanol Holdings Limited.

BAPP is a wholly owned subsidiary of Sino Distillery Group, a company listed on the Hong Kong Stock Exchange. CNE says that BAPP needs to carry out restructuring, prior to completion of the deal.

Following restructuring, BAPP will have an indirect 75% interest in Harbin China Distillery Co, an owner and operator of a 60,000 tonne per annum bio-refinery near Harbin in North East China.

The remaining 25% interest in the Harbin China Distillery Cois held by a state-owned company in Harbin. The terms of the transaction are subject to further due diligence by CNE and further negotiation between CNE and SDG.

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Category: Fuels

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