Foran Energy outlines shareholder returns, strategic investments and governance changes

Foran Energy Group will prioritize cash dividends, aiming for no less than 65% of net profit for 2025-2027, with annual adjustments approved by shareholders. This plan is part of a broader strategy that includes a significant RMB310m investment into Guangdong Foran Technology, a wholly-owned subsidiary, to fund green methanol projects through VENEX Holding Company. This investment, a related party transaction, requires shareholder approval.

Foran Energy’s subsidiary, Wuqiang Zhongshun Natural Gas, plans to sign a gas supply agreement with Hebei Natural Gas for a minimum annual purchase of 10m cubic meters, to optimize gas sources and reduce procurement costs. The company also announced the re-appointment of Guangdong Sinong Certified Public Accountants as its auditor for 2025, with an audit fee of RMB1.66m.

Foran Energy is updating its Articles of Association, including a change in registered capital to RMB1,298.394217m due to equity incentives. The company also plans to dissolve its Supervisory Board, with its functions transferring to the Board's Audit Committee. Mr. Zhou Hengxiang has resigned as chairman of the Supervisory Board and will be nominated as a non-independent director, pending shareholder approval. The company will also use up to $10m in idle funds for foreign exchange derivative transactions to preserve and increase asset value.