Past info on future ipo28 Mar 2018 22:47
CIC Fuels Limited (CIC Fuels)
CIC has increased its equity interest from 31.5% to 48.36% in exchange for additional services provided by CIC.
CIC Fuels, based on in Japan, is focused on the development of technology to enable it to produce emulsion fuels. CIC is currently compiling technical data to be used in an independent report on the company's fuel technologies and positioning in the emulsion fuel market.
Sino Reserves Holding Corporation Limited ("Sino Reserves")
It is anticipated that CIC will hold a 6% equity interest in Sino Reserves upon the successful listing of Sino. Sino Reserves owns 46% of Sida Group Co. Ltd. (Sida) an oil import/export company.
Sida is a leading Chinese private oil trading company which owns an oil bunkering and terminal license in China. Sida has also secured land in China's new leading oil port development area located in Tianjin, China.
Sida has recently completed designs for a terminal and port facility by Tianjin Petrochemical Engineering Design Co. Ltd. The design includes eight 20,000m3 storage tanks, twelve 5,000m3 storage tanks plus various other storage tanks. In addition to the full oil terminal facility, in December 2012 preliminary construction is started on the oil terminal and bunkering facility.
CIC has been advised by Sino Reserves that in November 2012, Sida was granted an option to acquire a Chinese State owned oil refinery servicing heavy industry located in North Eastern China. The design capacity of the plant is 1,000,000 tons. Products include diesel, liquefied gas, polypropylene, and methyl ethyl ketone. The production capacity of methyl ethyl ketone facility is 20,000 tons per year.
Sino Reserves strategy is to be a privately owned Chinese oil trading, terminal, bunkering and refinery operator. The oil terminal and bunkering will allow direct imports of oil products for supply through existing agreements to commercial clients as well as holding oil reserves to achieve potentially high profit margins.
Appointment of adviser to raise IPO capital for CIC Fuels and Sino Reserves
The Company is pleased to advise that in response to enquiries from major Saudi Oil companies and others, CIC Fuels, Sino Reserves and Sida Group have entered into an agreement with a Saudi Arabian intermediary to act on their behalf with a view to raising significant IPO funding facilitated by CIC. The IPO funds being sought are GDP 15,000,000 at IPO for each of Sino Reserves and CIC Fuels and GBP85,000,000 on IPO for Sida Group.
CIC has established good relationships with major Saudi State Enterprises and believes that this appointment is a significant step in enabling CIC to operate effectively and raise funds in the Middle East.