China New Energy Group (OTC:CNER) has announced the acquisition of Fuzhou City Lean Zhongran Gas, Inc., and Wuyuan County Zhongran Gas, Inc. The outstanding shares for each company were purchased for $0.7 million and $0.9 million respectively. The price is payable in three installments based on the satisfaction of various closing conditions.
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China New Energy Group is a natural gas company focused on the development of natural gas distribution networks. The company distributes natural gas to residential, industrial and commercial users in small and medium sized cities in China. It currently holds exclusive rights to distribute natural gas for Acheng, Dashiqiao, and Nandaihe in Northern China.
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