Glonghui, March 21 | Blue River Holdings (00498.HK) announced that on March 21, 2024, the seller Blue River Infrastructure Group Limited (a direct wholly-owned subsidiary of the company) entered into the agreement with the buyer Dawn Rainbow Limited. According to this, the seller has agreed to sell sales shares and transfer sales loans to the buyer, and the buyer has agreed to acquire Blue River Wuhan Port Limited, all of which have been issued Share capital and acceptance of sales loans. The sale of the Group's main assets mainly included liquefied petroleum gas storage bases and liquefied petroleum gas facilities.
The completion was carried out simultaneously with the signing of the agreement. After completion, the company will no longer hold any interest in the sale company, and the sale of the Group's performance, assets and liabilities will no longer be comprehensively included in the Group's consolidated financial statements.
The selling company was a limited company incorporated in the British Virgin Islands, mainly engaged in investment holdings. As of the date of this announcement, the sales group (composed of the sales company, Baohua Minsheng, Minsheng Petroleum and its two Chinese subsidiaries) is mainly engaged in liquefied petroleum gas and liquefied natural gas business.
The Group takes a more prudent investment approach to development plans and is considering introducing co-investors in liquefied natural gas projects to share risks. In 2022, the company obtained an agreement from a company controlled by a state-owned enterprise and listed on the Shenzhen Stock Exchange to increase the capital of Minsheng Petroleum, but in the end, the deal was not implemented. Despite its efforts to engage with other potential external investors and conduct numerous negotiations, their response was lackluster in the difficult operating environment of the liquefied petroleum gas and liquefied natural gas business, making it difficult for the company to find co-investors. Only the buyer indicated its intention to buy and sell all of the company's issued share capital.