Following the completion of the acquisition, Tianxin, a Sino-foreign joint venture company established in China between PEC, Sinopec Nanjing, and Sinopec Luoyang, will be a wholly-owned subsidiary of PEC.
SINGAPORE (June 16): PEC, the plant and terminal engineering specialist announced that it has entered into a sale and purchase agreement with Sinopec Nanjing and Sinopec Luoyang on Monday.
Under the agreement, PEC will acquire 40% of the total equity interest in its existing subsidiary Huizhou Tianxin Petrochemical Engineering for a total cash consideration of RMB37.5 million (S$7.4 million). Of the 40%, 30% was held by Sinopec Nanjing, and 10% by Sinopec Luoyang.
