Anhui Province Natural Gas Development (603689.SH) plans to acquire a 51% stake in for 174 million yuan.

Anhui Province Natural Gas Development (603689.SH) announced that the company plans to use its own funds of 174 million yuan to acquire a 51% stake in Anhui Waneng Polynergy Company Limited (referred to as Polynergy), a wholly-owned subsidiary of its related party Anhui Energy Group Co., Ltd. (referred to as Waneng Group). After the acquisition is completed, the company will hold a 51% stake in Polynergy, making it a controlling subsidiary, while Waneng Group will retain a 49% stake in the company. Subsequently, the company will jointly increase its capital with Waneng Group by 210 million yuan based on their shareholding ratio, with the company contributing 107 million yuan. The total amount for this acquisition and capital increase by the company will be 281 million yuan. This acquisition is driven by the companys need for business expansion, facilitating the companys acceleration in establishing a network of comprehensive energy terminals, improving the development layout of the entire industry chain, and further positioning the company as a high-quality comprehensive energy service provider.