PEC Enters Into SPA to Sell a 25% Interest In Huizhou Tianxin Petchem Engineering

摘要

PEC Ltd.has signed a sales and purchase agreement(SPA)with Huizhou Qi An Enterprise Management Co.,Huizhou Mu Sheng Enterprise Management Co.,and Huizhou Ze Xi Enterprise Management Co.(the purchasers)to sell a 25% equity stake in Huizhou Tianxin Petrochemical Engineering(Tianxin)for $1.5-million.At the same time,PEC entered into a shareholders'agreement with the purchasers,in which the board of directors of Tianxin will comprise a maximum of four directors,of whom PEC is entitled to appoint three directors.The purchasers,comprising 25% shareholding,are entitled to appoint one director.