Summary by Moomoo AI
China Petroleum Holdings Limited (“China Petroleum Gas”) issued a notice on December 28, 2023, mentioning that the Company signed a new restructuring framework agreement with Crescent Spring, certain investors, Dr. Dai and its wholly-owned “China Commendation International Industrial Investment Co., Ltd.” on December 8, 2023. The agreement involved a series of restructuring transactions and positioned China Credit International Industrial Investment Co., Ltd., as the second investor. Completion of such transactions is subject to a number of prerequisites, including the granting of a purge exemption and the exchange's approval of the listing of the relevant bonds and shares. The company's shares have been suspended since December 11, 2023, pending the announcement of an insider's announcement. The Company will update monthly on the progress of the Restructuring Transaction and will continue to suspend share trading until further notice. The Board is responsible for the accuracy of the contents of the announcement and ensures that there are no omissions after reasonable enquiries by the Manager.