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  Successful Acquisition of 51% SRC Shares by Shandong Hengyuan

Successful Acquisition of 51% SRC Shares by Shandong Hengyuan

The take-over ceremony of 51% SRC shares by Shandong Hengyuan Petrochemical Limited hereinafter called “Shandong Hengyuan”was held in Kuala Lumpur December 22nd 2016. It represents Shandong Hengyuan becomes the substantial shareholder of SRC from now on and is the first acquisition of an oversea company by a Chinese local oil refiner. Mr Huang HuikangChinese Ambassador to Malaysiaattended the ceremony. 

Shandong Hengyuan has absolute control over SRC through a USD66,300,000 offer after the Completion and SRC hereafter called HRCwill hopefully supply 40% of the Malaysia oil market annually. Meanwhile, Shandong Hengyuan started mandatory take-over offer over the rest 49% of SRC shares.

Wang Youde, Chairman of Shandong Hengyuan, stated that the Company will continue to cooperate with Shell in its Malaysia filling station bussiness in the following 10 years and implementing the Third Party fair value.

The acquisition allows the Company to introduce advanced product upgrading technologies to HRCestablishing firm bonds between mature Chinese oil processing and Malaysia vast market demands. More importantly, Shandong Hengyuan realizes the perfect integration of implementation of industrial and capital optimization since SRC is a listed company.