RH Energy: Co intends to diversify its business to oil and gas exploration in addition to current core business of being an EPC operator to the O&G segment. Co has also proposed to dispose entire interest in wholly-owned cos Hunan Bali and Wuhan Petrochem for Rmb198m (US$30.2m) to 2 individuals, namely the chairman and COO of RH Energy…
The shares were valued at Rmb180.2m (US$27.5m) by an independent valuer. Both cos are involved in engineering services. Approx $5.7m of the proceeds will be distributed as dividend which is S$0.025 per share (13.9% div) compared to closing price at $0.18. The transaction also raises NAV from $0.15 to $0.198 before accounting for the dividend.
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