Independent Balkan News Agency

The Chinese of Geo-Jade Petroleum Corporation purchase all the shares of Bankers Petroleum

The Chinese of Geo-Jade Petroleum Corporation purchase all the shares of Bankers Petroleum
Tirana, 21 July 2016/Independent Balkan News Agency

The Chinese corporation Geo-Jade Petroleum Corporation has decided to purchase all the shares of Bankers Petroleum Ltd with a price of C $ 2.20 per share, was announced today (21.07) by the company that holds its activity in Albania.

The finalization of the transaction is subject to the regulatory approval of the Chinese State Authority of Currency Exchange (SAFE). The approval of the agreement by People’s Republic of China, which should have been made within 30 June 2016, has now been postponed to 31 July 2016.

Bankers says that along with Geo-Jade, they are working intensively to have this approval within the month of July and if this approval is made, the agreement foresees an automatic extension by 60 days, namely until 29 September 2016 for the finalization of the transaction.

Both companies, Bankers and Geo-Jade are committed on finalizing the transaction and such discussions are being held, including the possible provisions that will boost the commitment of the sides.

Once the transaction is finalized, Bankers’ shares will be listed in the Toronto and London stock markets. /balkaneu.com/

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