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Pangu Intelligent (301456.SZ) has unveiled its intention to purchase 3.7 million shares of Zhongcheng Petrochemical from Libuer for a sum of RMB 24.642 million. These shares represent an 11.97% stake in the total share capital of Zhongcheng Petrochemical. Upon completion of this acquisition, Pangu Intelligent's ownership stake will surge from 35.34% to 47.31%, establishing it as the predominant shareholder of Zhongcheng Petrochemical. Furthermore, the directors appointed by Pangu Intelligent are set to secure more than half of the board seats at Zhongcheng Petrochemical. This move will effectively grant Pangu Intelligent control over the company, transforming it into a subsidiary under its wing. The overarching goal of this acquisition is to solidify and expand Pangu Intelligent's strategic footprint within the lubricating grease sector.
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