PEC acquires remaining 40% stake in Huizhou Tianxin Petrochemical Engineering for $7.4 mil

Felicia Tan
Felicia Tan6/16/2020 07:28 PM GMT+08  • 2 min read
PEC acquires remaining 40% stake in Huizhou Tianxin Petrochemical Engineering for $7.4 mil
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.
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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.

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.

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