Insights Law assists SGX-ST Catalist-listed company, Hengyang Petrochemical Logistics Limited, on its acquisitions of equity interest in the Nanrong Group Companies in China for a total consideration of RMB600,000,000

Insights Law LLC has recently advised Singapore Stock Exchange’s Catalist-listed company, Hengyang Petrochemical Logistics Limited (“Hengyang”), on its acquisitions of 94.8033% of the equity interest in Nanrong Petrochemical Co., Ltd. （南荣石油化学有限公司）and 100% of the equity interest in Nanrong Petrochemical Industry (Jiangyin) Co., Ltd. （南荣石油化工（江阴）有限公司）(collectively “Nanrong Group Companies”) from an independent third party vendor for a total consideration of RMB600,000,000 (equivalent to approximately S$116,541,061) (the “Acquisitions”). The Nanrong Group Companies are engaged in the day-to-day management and operations of the Nanrong International Port (南荣码头) located in Jiangsu Province, China, as well as the storage and management of chemicals, including approved varieties of dangerous chemicals such as pentane, butadiene, 1-butene, C4 and liquefied petroleum gas. The Nanrong Group Companies collectively possess pressure storage tanks with a total volume of 33,000 cubic metres and mainly store chemicals such as propane, 1-butene and 1-3 butadiene.

The Acquisitions, grouped together, are classified as a “major transaction” as defined under the Singapore Exchange Securities Trading Limited Listing Manual Section B: Rules of Catalist (the “Catalist Rules”) read together with Practice Note 10A of the Catalist Rules. Relevant announcements and shareholders’ circular on the Acquisitions have been released via SGXNET on 24 February 2023, 6 March 2023 and 21 March 2023.

The Insights Law team was led by Dr. Qiu Yang (Director), assisted by Ms. Ngim Dean Gee and Ms. Vivien Chee.