Hoifu Energy (00007) halts resort project acquisition

    Hoifu Energy (00007) said it agreed to terminate the proposed acquisition of the entire equity interest in Beijing Huixintai Investments Limited.
  According to the Listing Rules, Hoifu Energy may not make a new issue of shares or announce a proposed new issue of shares for a period of 30 days after any purchase by it of shares without the prior approval of the Stock Exchange. Since the company repurchased 6,000 shares on 28 January 2016, it may not settle the consideration of the acquisition partially by the issue of the consideration shares. Due to the aforementioned technical issue that limits the company in issuing the consideration shares, the parties to the agreement entered into an agreement yesterday to terminate the agreement and the parties' obligations thereunder with immediate effect.
  When suitable conditions arise, Hoifu Energy shall explore other cooperation opportunities with the vendor.
  The target is the beneficial owner of the Maomin Binhai Xinqu sea area use right licence and it is in the process of developing an integrated vacation resort in that area.
  Trading in shares of Hoifu Energy will be resumed this morning.