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Grandway Advised Jovo Energy on M&A and Raising Matching Funds Approved by M&A and Restructuring Committee of CSRC
Pubdate：2023.02.28
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On October 26, 2022, Jiangxi Jovo Energy Co., Ltd. (“Jovo Energy”, stock code “605090”) obtained the approval from the 16th Working Committee of M&A and Restructuring Review Committee of China Securities Regulatory Commission in 2022 for the project of issuing shares, convertible bonds, paying cash to purchase assets and raise matching funds.
Jovo Energy will purchase 100% shares of Sichuan YuanFeng SenTai Energy Company Limited (“SenTai Energy”) by issuing shares, convertible bonds and paying cash for a total consideration of RMB 1.8 billion. At the same time, Jovo Energy intends to issue convertible corporate bonds to no more than 35 specific investors to raise matching funds of no more than RMB 1.2 billion. (“transaction”).
Jovo Energy’s main business includes LNG, LPG, methanol, dimethyl ether, etc. Jovo Energy vigorously develops LNG business and its business has covered the whole industry chain including international procurement-ocean transportation-terminal storage-processing and production-logistics and distribution-terminal service, etc.， which has realized the all-round layout of “end-to-end” clean energy. SenTai Energy is mainly engaged in the production, logistics, distribution and sales of LNG and high-purity helium, and the retail business of LNG filling stations, with the main products being LNG and high-purity helium.
After this transaction, Jovo Energy will gain an important pivot point in “land- gas” resources, formally forming a dual gas source pattern of “sea gas + land gas”, which will rapidly expand the market radiation scope from South China to Southwest and Northwest China. It will also help to lay out the BOG business field and broaden the terminal application field of LNG business. The transaction will help the synergy between Jovo Energy and SenTai Energy, enhance the core competitiveness of Jovo Energy and promote the sustainable, stable and healthy development of Jovo Energy.
