China Rongsheng Completes Acquisition of Stakes in Kyrgyzstan's Oil Fields

China Rongsheng Heavy Industries Group Holdings Limited referred Thursday to the announcement of the Company dated Aug. 21 in relation to the discloseable transaction and share transaction regarding the Acquisition of Central Point Worldwide Inc. -- which holds stakes in four oil fields in Kyrgyzstan -- by its indirect subsidiary Ocean Sino Holdings Limited for $281.7 million (HKD 2.184 billion) under the Share Purchase Agreement (the Announcement). Definitions and terms used in this announcement shall have the same meanings as those defined in the Announcement unless otherwise specified.

Completion of the Acquisition

The Board is pleased to announce that all conditions precedent under the Share Purchase Agreement dated Aug. 21 have been fulfilled and/or waived by the Purchaser (where applicable) and Completion took place Sept. 11. On the same day 1,400,000,000 Consideration Shares (representing 16.04 percent of the issued share capital of the Company after Completion and allotment and issue of the Consideration Shares) were allotted and issued by the Company to the Vendor’s nominees.

Following Completion, the Purchaser holds 60 percent equity interest in the Target Company (Central Point Worldwide Inc.) and each of the Target Company, Crown Winner Investments and the Project Company has become an indirect non-wholly owned subsidiary of the Company.

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