Sky China Petroleum & HISAKA

Sky China Petroleum & HISAKA : Sky China has proposed to dispose 49% interest in Wenling Xinghai Ocean Shipping (Xinghai) to HISAKA for $192.5m. Xinghai will be the primary business of HISAKA after the acquisition. Xinghai is currently engaged in the business of transporting petroleum products for petro-chemical companies through its fleet of 7 oil product tankers. HISAKA will issue 196.5m shares at $0.48 to co which represents approx 32.6% of enlarged share cap.