China New Energy Ltd Further re Consortium Acquisition (3476L)
30 September 2016 - 8:36PM
UK Regulatory
TIDMCNEL
RNS Number : 3476L
China New Energy Ltd
30 September 2016
30 September 2016
China New Energy Limited
("CNE" or "the Company")
Further re. Consortium Acquisition
The Board of CNE (AIM:CNEL), the AIM quoted engineering and
technology solutions provider to the bioenergy sector, provides an
update in respect its announcement of 13 September 2016 regarding
the consortium of investors ("Consortium") whose objective is to
negotiate the acquisition of a specific project in Africa.
The Company is pleased to advise that the Consortium, led by
Sunbird Bioenergy Africa ("Sunbird Bioenergy"), has today announced
that they have acquired a 75.1% equity interest in Addax Bioenergy
Sierra Leone from the Addax and Oryx Group ("AOG"). Further,
Sunbird Bioenergy has become the manager of the project. The
Company's subsidiary Guangdong Zhongke Tianyuan New Energy Science
and Technology ("ZKTY") supported the transaction as a part of its
normal business activities with the expectation that it will have
the right to bid for technology and service contracts should the
acquisition be successful. Now that the acquisition has been
completed, the Company retains a right to make a minority
investment into the Consortium as well as to tender for technology
and service contracts. The negotiations with the Consortium and
Sunbird Bioenergy remain confidential and will continue over the
coming months.
There is no certainty that CNE will make an investment into the
consortium or be successful in tendering for technology and service
contracts. The Company will provide a further update to the market
in due course.
For further information, please visit www.chinanewenergy.co.uk
or contact:
China New Energy Limited www.chinanewenergy.co.uk
Richard Bennett Tel: +44 (0)7966 388 374
or rbennett@zkty.com.cn
Ivy Xu Tel: +86 (0)20 8705 9371
or xuhj@zkty.com.cn
Cairn Financial Advisers Tel: +44 20 7148 7900
LLP (NOMAD)
Jo Turner / Sandy Jamieson
Daniel Stewart and Co Tel: +44 20 7776 6550
(Broker)
David Lawman / Daphne
Zhang
This information is provided by RNS
The company news service from the London Stock Exchange
END
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