Gelonghui, April 2, 丨 Beijing Energy International (00686.HK) announced that on March 28, 2024, WSH (a wholly-owned subsidiary of the company) signed a plan implementation agreement with TPC. According to this (among others), WSH has agreed to assist TPC in proposing and implementing the plan and to acquire all of TPC's issued share capital in cash through planning arrangements, with a total amount of up to 150 million Australian dollars, including (i) the total initial cost of about 100 million Australian dollars; and (ii) the maximum potential profitability cost is about 50 million Australian dollars. After implementation, TPC will become an indirect wholly-owned subsidiary of the company.
According to the disclosure, TPC is a limited liability company incorporated in Australia, and its shares are listed on the Australian Stock Exchange (ASX stock code: TPC). TPC is mainly engaged in the energy industry. In particular, through owning and operating CoVau, TPC focuses on the electricity and gas retail industry, and provides competitively priced products to household and enterprise (SMEs and commercial enterprises) customers.
Based on TPC's experience and established customer network, the company believes that acquisitions can complement the company's strategic growth in a variety of ways, including reducing revenue fluctuations by enhancing the ability to enter into pricing agreements with retail departments, reducing transaction costs in the integrated generator retail business, diversifying revenue channels, and improving transaction and risk management capabilities.