CCEC Announces Financing Partnership with Hony Capital
VANCOUVER, April 7, 2014 /CNW/ - Canada Capital Energy Corporation ("CCEC" or the "Company") is pleased to announce that on March 26, 2014, through the signing of a Joint Agreement, it has entered into a financing partnership with Hony Capital Management Ltd. ("Hony"), China, for the purpose of forming a jointly-owned corporation whereby Hony will jointly contribute capital along with CCEC's principal shareholders ZhongRong Group ("ZRG") and Zhejiang Rongsheng Holding Group Co., Ltd. ("Rongsheng") (collectively, the "Parties") to strategically pursue the acquisition of oil and natural gas assets in Western Canada. The aggregate equity capital contribution from the Parties is over CDN $500 million to support the Company's growth strategy.
This joint arrangement with Hony, and the additional financial support from CCEC's two current major shareholders, places the Company in a key position to realize the collective growth strategy of building a highly valued and balanced portfolio through acquisitions and follow up development.
CCEC is a private oil and gas company with a focus on growing production through low-risk development, exploration and exploitation in Western Canada. Going forward, the Company will be focusing on light oil and liquids rich natural gas opportunities throughout the Western Canadian Sedimentary Basin.
About Hony Capital Management Ltd.
Hony Capital Management Ltd., founded in 2003 as a subsidiary of Legend Holdings Corporation (the controlling shareholder of its best known subsidiary, the Lenovo Group), is a leading private equity firm in China with approximately US$7.0 billion of assets under management. Hony's primary investment focus has been in consumer sectors, advanced manufacturing, healthcare and service with a recent dedication to energy and cross-border investments.
For further reference, visit the Company's website:
http://www.honycapital.com/hony_en/
About Zhejiang Rongsheng Holding Group Co., Ltd
Founded in 1989, Zhejiang Rongsheng Holding Group Co., Ltd., through its subsidiaries, engages in petrochemical, polyester, spinning, texturing, coal chemicals, real estate, trading, logistics, and thermal power businesses. Rongsheng is a global company serving customers in China, Europe, America and Asia. In 2013, the Group's sales revenue surpassed CAD $10 Billion.
The Company has over 10 subsidiaries, including Rongsheng Petrochemical Co., Ltd., Zhejiang Yisheng Petrochemical Co., Ltd. and Hangzhou Shengyuan Real Estate Development Co., Ltd.
For further reference, visit the Company's website:
http://www.rong-sheng.com/En/In/index.aspx
About ZhongRong Group
The ZhongRong Group ("ZRG") was established in 1992 as an investment company primarily focused on the real estate sector in China. Over its 21 year history, the ZRG has participated and directed numerous real estate developments throughout China including the Jasper Tower, Hengrui International Plaza and the International Business City in Shanghai. Current projects underway include the Beijing Chang'an project, Hangzhou International Financial Convention and Exhibition Center and the Crystal Palace in London, England. The ZRG is recognized as one of China's top real estate development companies.
For further reference, visit the Company's website:
http://en.china-zrg.com/cn/index.html
SOURCE: Canada Capital Energy Corporation
For further information:
Bruce Hong, CEO
Canada Capital Energy Corporation
[email protected]
604-643-1798
Robert Giles
VP Business Development Officer
Canada Capital Energy Corporation
[email protected]
403-984-1722
Suite 2600, 140-4th Avenue SW
Calgary, Alberta
T2P 3N3
Share this article