Surplus Full To Form Joint Venture With Yunnan Investment Holding

Published: May 05 2017
Deal Summary

Surplus Full Limited, an indirect wholly-owned subsidiary of Titan Petrochemicals Group Limited, entered into the joint venture (JV) agreement with Yunnan Investment Holding Group Co., Ltd., an investment holding company, to form a new JV company. The new company will be named as Yunnan Yuntou Zhenrong Energy Co., Ltd.

Under the terms, Yunnan Investment and Surplus Full will contribute CNY5.1 million (MM) (US$0.74 MM) and CNY4.9 MM (US$0.71 MM) in cash, respectively as the registered capital of Yunnan Yuntou. Yunnan Investment will own 51% stake in Yunnan Yuntou and Surplus Full will own 49% stake in Yunnan Yuntou.

Yunnan Yuntou will promote the 5 million ton oil refinery project in the Republic of the Union of Myanmar, and to develop other business in the energy industry.

The transaction will enable Surplus Full to expand its downstream business operations.

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