rongsheng investment company for sale

Last October, the company entered into an agreementto sell 98.5% equity interest of Rongsheng Heavy Industries, the entire interest in Rongsheng Engineering Machinery, Rongsheng Power Machinery and Rongsheng Marine Engineering Petroleum Services, to Unique Orient, an investment holding company owned by Wang Mingqing, a creditor of Huarong Energy, for a nominal price of HK$1.

Once the largest private shipyard in China, Rongsheng ceased shipbuilding operations in 2014 after it was hit by a major financial crisis and the shipyard rebranded into Huarong Energy in 2015.

Huarong Energy is of the view that the shipbuilding and engineering business is unlikely to see a turnaround in the foreseeable future and it is in the best interests of the company to dispose of the business and focus its resources on energy.

The convertible paper sale to an investment company was scrapped after the fund’s owner, Wang Ping, was detained by police in Beijing on matters unrelated to the shipyard.

SHANGHAI, March 5 (Reuters) - China Rongsheng said it had scrapped a warrant issue that would have given the heavily indebted shipbuilder a HK$3 billion ($416 million) cash lifeline after it was unable to contact the offer’s only subscriber.

Rongsheng’s shares fell as much as 8.1 percent in early Thursday trade, after it said it would no longer issue HK$510 million worth of warrants to Kingwin Victory Investment Ltd, a Cayman Islands-incorporated investment firm.

In a stock exchange filing, Rongsheng said it had scrapped the issue as it could not contact Kingwin’s owner Wang Ping after media reports said he had been detained by the Beijing police for matters not related to Rongsheng.

“The company has no information as to the details of the incident and has been unable to contact Mr. Wang Ping, which casts doubt over the ability of the subscriber to perform its obligations,” Rongsheng said.

On Wednesday, Chinese news magazine Caixin reported that Beijing police had detained Wang on Feb. 23 over financial irregularities in investments made by Cypress Capital Group, another firm that he chaired.

Rongsheng, one of China’s largest shipbuilders, was gearing to move into oil exploration and change its name after becoming one of the most prolific casualties of the global shipping slump. It came close to insolvency in 2013 before agreeing with banks to extend its loans until the end of this year.

The warrant issue that Rongsheng had agreed with Kingwin in October would have entitled subscribers to buy up to 1.7 billion new shares at HK$1.60 each.

This would have raised about HK$3.23 billion for Rongsheng, the firm said at the time. A warrant entitles the holder to buy stock from the issuer at a specific price within a time frame. ($1 = 7.7552 Hong Kong dollars) (Reporting by Brenda Goh; Editing by Miral Fahmy)

HONG KONG (Reuters) - Jiangsu Rongsheng Heavy Industries Co Ltd has appointed Morgan Stanleyand JP Morganto finalize plans for its long-awaited IPO in Hong Kong, aiming to raise up to $1.5 billion in the fourth quarter, sources told Reuters on Tuesday.

This is Rongsheng’s latest bid to go public after it failed to raise more than $2 billion from a planned IPO in Hong Kong in 2008, mainly as a result of the global financial crisis.

Rongsheng"s early main shareholders included an Asia investment arm of Goldman Sachs, U.S. hedge fund D.E. Shaw and New Horizon, a China fund founded by the son of Chinese Premier Wen Jiabao.

The three investors sold off their stakes in Rongsheng for a profit early this year, said the sources familiar with the situation. Representatives for the banks, funds and Rongsheng all declined to comment.

Rongsheng’s revived IPO plan comes at a challenging time. Smaller domestic rival, New Century Shipbuilding, slashed its Singapore IPO in half last week, planning to raise up to $560 million from the originally planned $1.24 billion due to weak market conditions.

Given uncertainty in the global shipbuilding business environment as well as growing concerns over a huge flow of fund-raising events in Hong Kong, investment bankers suggest the potential size for Rongsheng could be $1 billion to $1.5 billion, according to the sources.

Rongsheng is seeking to tap capital markets to fund fast growth and aims to catch up with bigger state-owned rivals such as Guangzhou Shipyard International Co Ltd.

Rongsheng won a $484 million deal to build four ships for Oman Shipping Co last year. The vessels would carry exports from an iron ore pellet plant in northern Oman which is expected to begin production in the second half of 2010.

(Bloomberg) — China Rongsheng Heavy Industries Group Holdings Ltd., once the country’s largest private shipyard, said it will not proceed with a proposed warrant sale after a potential investor who pledged as much as HK$3.2 billion ($413 million) was detained.

Wang Ping, owner of private-equity firm Kingwin Victory Investment Ltd., was detained last month on criminal allegations unrelated to the deal, according to people with knowledge of the matter. They asked not to be named because the move hasn’t been made public.

Wang’s detention occurred days before China Rongsheng shareholders are to meet March 13 to vote on the investment by Kingwin Victory. The firm agreed in October to pay at least HK$510 million for warrants Rongsheng is selling, and its total investment could reach HK$3.2 billion.

Rongsheng “has no information as to the details of the incident and has been unable to contact Mr. Wang Ping, which casts doubt” on Kingwin Victory’s ability to follow through on the investment by the March 31 deadline, Rongsheng said Wednesday in a statement to the Hong Kong Exchange.

The Beijing Public Security Bureau didn’t immediately respond to a faxed request for comment, and Wang couldn’t immediately be reached. Shares of the company fell as much as 8.1 percent in Hong Kong trade to HK$0.68 on Thursday, down from more than HK$8 in 2011. It was down 5.4 percent as of 9.35 a.m. local time.

Rongsheng has run into financial trouble amid competition with state-owned yards that have government backing and easier access to financing. The company is also seeking investment in its Jiangsu shipyard and bought a stake in an oilfield in Kyrgyzstan as part of efforts to restructure its business.

Shanghai-based Rongsheng said last August it’s entering the energy business and is issuing new shares so it can buy a 60 percent stake in a Kyrgyzstan oilfield. It later said it’s seeking to identify new investment opportunities outside China, including in Central Asia.

Abu Dhabi National Oil Co. said Tuesday it signed an agreement with China"s Rongsheng Petrochemicals Co. to explore local and international opportunities as the UAE"s national oil producer looks to bolster its presence in Asia.

Both companies will look into opportunities for ADNOC"s sale of refined products to Rongsheng, downstream investments in both China and the UAE and ADNOC"s supply and delivery of LNG to the Chinese company, ADNOC said in a statement.

"This framework agreement builds on the existing crude oil supply relationship between ADNOC and Rongsheng, which we are keen to enhance," ADNOC CEO Sultan al Jaber said in the statement. "The agreement covers domestic and international growth opportunities across a range of sectors, which have the potential to open new markets for our growing portfolio of products and attract investment to support our downstream and gas expansion plans."

Under the agreement, ADNOC may boost the volume and variety of refined product sales to Rongsheng, and explore the possibility of ADNOC becoming an active participant in the Chinese company"s refinery and petrochemical project opportunities, including in Rongsheng"s downstream complex.

In return, Rongsheng will look into potential investments in ADNOC"s downstream projects in the industrial hub of Ruwais such as its gasoline aromatics plant. ADNOC will also potentially supply and deliver LNG to Rongsheng"s facilities in China.

"The strategic cooperation with ADNOC will ensure that our ZPC project, which will have a refining capacity of up to 1 million barrels per day of crude, has adequate supplies of feedstock," Li Shuirong, chairman of Rongsheng Group, said in the statement.

ADNOC plans to invest $45 billion with partners to expand its refining and petrochemical production in Ruwais. The company pumps most of the UAE"s oil production of around 3 million b/d. It plans to boost its oil production capacity to 4 million b/d by 2020 and 5 million b/d by 2030.

This company operates as a holding firm for a group of subsidiaries engaged in polyester, spinning, false-twisting, coal chemicals, real estate, venture investment business activities. It was incorporated in 2006 and has its registered office in Hangzhou, China. As a holding company, it handles the administrative affairs and services and grants management services to its subsidiaries, as well as provides financial support and control function for the board. Furthermore, the firm is responsible for managing the group and its overall legal structure, tax planning, financial and equity structures. It is also in -charge in various matters relating to policy, strategic planning, marketing, selecting and manning senior management positions, approving investments and budgets, and the overall ongoing monitoring of the group"s performance.

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The Abu Dhabi National Oil Company (ADNOC) has signed a broad framework agreement with China’s Rongsheng Petrochemical to explore domestic and international growth opportunities which will support the delivery of its 2030 smart growth strategy

The agreement will see both companies explore opportunities in the sale of refined products from ADNOC to Rongsheng, downstream investment opportunities in both China and the UAE, and the supply and delivery of LNG to Rongsheng.

Under the terms of the agreement, ADNOC and Rongsheng will explore opportunities for increasing the volume and variety of refined products sales to Rongsheng as well as ADNOC’s active participation as Rongsheng’s strategic partner in refinery and petrochemical opportunities, including investment in Rongsheng’s downstream complex.

In return, Rongsheng will also explore potential investments in ADNOC’s downstream industrial ecosystem in Ruwais, including the proposed Gasoline Aromatics Plant, GAP, and the potential for ADNOC to supply and deliver LNG for utilisation by Rongsheng within its production complexes in China.

Sultan Al Jaber, minister of State and ADNOC Group CEO, said, “The agreement covers domestic and international growth opportunities across a range of sectors, which have the potential to open new markets for our growing portfolio of products and attract investment to support our downstream and gas expansion plans.”

The framework agreement supports ADNOC’s downstream expansion plans, which will see it create an integrated refining and petrochemicals complex in Ruwais while pursuing integrated margins for its own hydrocarbons with in-market investments.

Abu Dhabi, UAE – November 12, 2019: The Abu Dhabi National Oil Company (ADNOC) announced, today, it has signed a broad Framework Agreement with China’s Rongsheng Petrochemical Co., Ltd. (Rongsheng) to explore domestic and international growth opportunities which will support the delivery of its 2030 smart growth strategy.

The agreement will see both companies explore opportunities in the sale of refined products from ADNOC to Rongsheng, downstream investment opportunities in both China and the United Arab Emirates, and the supply and delivery of liquified natural gas (LNG) to Rongsheng.

The agreement was signed by His Excellency Dr. Sultan Al Jaber, UAE Minister of State and ADNOC Group CEO, and Li Shuirong, Chairman of Rongsheng Group.

H.E. Dr. Al Jaber said: “This Framework Agreement builds on the existing crude oil supply relationship between ADNOC and Rongsheng, which we are keen to enhance. The agreement covers domestic and international growth opportunities across a range of sectors, which have the potential to open new markets for our growing portfolio of products and attract investment to support our downstream and gas expansion plans.

Under the terms of the Framework Agreement, ADNOC and Rongsheng will explore opportunities for increasing the volume and variety of refined products sales to Rongsheng as well as ADNOC’s active participation as Rongsheng’s strategic partner in refinery and petrochemical opportunities, including an investment in Rongsheng’s downstream complex. In return Rongsheng will also explore potential investments in ADNOC’s downstream industrial ecosystem in Ruwais, including the proposed Gasoline Aromatics Plant (GAP) and the potential for ADNOC to supply and deliver liquified natural gas (LNG) for utilization by Rongsheng within its production complexes in China.

Shuirong said: “This Framework Agreement is a key milestone in Rongsheng Petrochemical’s strategic international expansion. ADNOC is an important trading partner, and we are confident of the win-win benefits of this partnership, particularly in realizing opportunities in the downstream space in Asia.

“The strategic cooperation with ADNOC will ensure that our ZPC project, which will have a refining capacity of up to 1 million barrels per day (mbpd) of crude, has adequate supplies of feedstock. Our valued partnership will enable Rongsheng Petrochemical to continue its expansion into the international oil market and we are confident Rongsheng Petrochemical will achieve enhanced market share and recognition in the global marketplace.”

The framework agreement supports ADNOC’s downstream expansion plans, which will see it create a world scale integrated refining and petrochemicals complex in Ruwais while pursuing integrated margins for its own hydrocarbons with in-market investments.

Rongsheng Petrochemical Co., Ltd. is one of the leading companies in China’s petrochemical and textile industry. In recent years, Rongsheng has been committed to developing both vertically and horizontally across the value chain, investing massively in multiple high-value oil and gas projects. Amongst them, Zhejiang Petroleum & Chemical Co., Ltd. (ZPC), in which Rongsheng has a controlling interest, is a 40 million tons per annum mega integrated refining and chemical project. Once operational, ZPC will be one of the largest-scale plants in the world.

China is the world"s second-largest oil consumer, and Chinese energy companies have steadily increased their participation in ADNOC’s Upstream and Downstream operations. At the same time, ADNOC has identified China as an important growth market for its crude oil and petrochemical products, as it moves towards boosting its oil production capacity to 4 million barrels per day (mbpd) by the end of 2020 and 5mbpd in 2030 and accelerates the implementation of its downstream expansion and international investment strategies.

Frontline Ltd. (“Frontline”) announces that on 14th August 2006 it has sold its entire holding of 3,860,000 shares in General Maritime Corporation (“General Maritime”) for USD $40 per share. The shares were sold to World Wide Shipping. Frontline will record a gain of approximately USD $ 9.7 million in the third quarter as a result of this sale. Frontline has, during the holding period, also recorded dividend income on the same investment of approximately USD $13.3 million.

At the same time Frontline is pleased to announce that it intends to firmly declare four further newbuilding Suezmaxes orders from Jiangsu Rongsheng Heavy Industries Group Co. Ltd. (“Rongsheng”) in China. The vessels which are 156,000 dead weight tons will be delivered in 2009. Two of these Suezmaxes will be offered as an investment to Frontline’s affiliated company, Ship Finance International Limited. The four Suezmax newbuildings are in addition to the two newbuildings already declared. Frontline is also in the process of discussing a further two fixed priced options for similar vessels. The payment terms and contract price are considered favourable to other alternative ways to renew and grow the Frontline Suezmax fleet.

The decision to sell the General Maritime investment and order the Suezmaxes included a comparison between the Rongsheng 2009 newbuildings and the implicit pricing of an existing General Maritime newbuilding. With a price differential of more than USD $20 million, the Frontline Board feels that significant discount is given for a later delivery.

The re-organisational cost of General Maritime and the large Aframax exposure further prevented Frontline from pursuing further action in the General Maritime investment. Frontline, as General Maritime’s largest shareholder, had a constructive dialogue with General Maritime regarding its investment.

The Board of Frontline hopes that the sale of the General Maritime investment to another industry player will still have a positive consolidation effect on the tanker market. The proceeds from the sale will be allocated to repayment of debt, equity financing of the Rongsheng investments as well as increased dividend capacity.

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