Friday, November 26, 2010

Stone Master to buy 51% China's JinZhou Everthriving for RM25m via share swap

KUALA LUMPUR: Stone Master Corp Bhd is venturing into China's liquefied natural gas (LNG) transportation business following the proposed acquisition of a 51% stake in JinZhou Everthriving Logistics Co. Ltd for RM25 million.

Stone Master said on Friday, Nov 26 it had entered into a heads of agreement with Sino Achieve International Ltd to acquire the stake via a share swap by a group of identified Stone Master shareholders.

It added Jinzhou supplies and transports LNG and has a large number of client resources with annual output value reaches over 100 million renminbi. Jinzhou owns 50 large LNG transport tankers, with transport capability ranked as top three in the industry.

Stone Master said Jinzhou is a China foreign joint venture company between Sino Achieve International and Everthriving Investment Group Co. Ltd in Beijing.

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