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China Shenhua acquires Hangjin Energy for $120 million

January 21, 2025 at 04:15 PM UTCBy FilingReader AI

China Shenhua Energy (SSE:601088) will acquire 100% of Hangjin Energy from its parent company, China National Energy Group, for RMB 852.65 million (approximately $120 million USD). The transaction has been approved by China Shenhua's board and constitutes a related-party transaction. Hangjin Energy holds a mix of producing and developing coal mines, including the Tarangaole mine which is currently under construction and projected to begin production in 2028. The acquisition will increase China Shenhua's coal reserves by 3.84 billion tons and recoverable reserves by 2.09 billion tons, based on Chinese standards. The deal also includes the acquisition of a 1,200MW coal-fired power plant. China National Energy Group has issued performance guarantees for Hangjin Energy's future profitability.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

SSE:601088Shanghai Stock Exchange
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