[ET Net News Agency, 22 March 2018] China LNG Group (00931) said the company and Chart
Cryogenic Engineering Systems (Changzhou) Co., Ltd. agreed to jointly invest in and
establish a joint venture for cooperating on the business of manufacturing and sales of
tank container equipment.
The parties intend to jointly establish a joint venture in Changzhou City, Jiangsu
Province, the PRC by contributing capital. The registered capital of the joint venture
shall be Rmb50 million, of which Rmb25.5 million and Rmb24.5 million will be contributed
by Chart and the Group respectively, representing the shareholding of 51% and 49%
respectively.
The Group shall purchase from Chart the ownerships of land use and its plant (which
could be put into immediate production of tank containers) and office building located in
West Hehai Road, Xinbei District, Changzhou City at a fair market price. The Group shall
promise that its subsidiaries shall purchase no less than 1,000 liquefied natural gas
(LNG) tank containers from the joint venture, and purchase no less than 300 containers in
the first year, no less than 350 containers in the second year and no less than 350
containers in the third year within 3 years after the establishment of the joint venture.
Chart is a wholly-owned subsidiary of Chart Industries Inc., the shares of which are
listed on NASDAQ of the US. Chart Industries Inc. has 70 years of experience in the
cryogenic industry and several decades of experience in the verification of LNG and LCNG
international projects. (HL)