Yantai Xinchao Industry Co., Ltd. (6000777.SH), a subsidiary of China New Trend Corporation, Thursday said it would raise over 10 billion yuan to invest in oilfield assets in Texas of the United States.
Yantai Xinchao plans to make a private placement to 13 limited partnerships to raise 8.3 billion yuan for acquiring shares of Ningbo Dingliang Huitong Equity Investment Center, which recently acquired assets from Tall City Exploration LLC and Plymouth Petroleum LLC in the US. .
Yantai Xinchao would control 100 percent shares of Ningbo Dingliang Huitong Equity Investment Center through a series of arrangements.
Moreover, Yantai Xinchao would raise additional no more than 2 billion yuan for development of target oilfield assets, replenishing operational capital and paying commission fees.