According to the Zhitong Finance APP, Sunshine Oil Sands (02012) surged by 34%, and its stock price has doubled in two trading days. As of the press time, it has risen by 34.88%, to HK$1.16, with a turnover of HK$34.38 million.
Sunshine Oil Sands announced that it has signed a non-binding memorandum of understanding with Norwegian Baowan Energy Holdings to acquire the equity of its subsidiary. The target company is a registered company in Hong Kong. The expected consideration to be paid by the company is for its common stock, and the current trading price amount has not yet been determined.
The company stated that the target company to be potentially acquired has leading clean energy operation and management smart technology for shallow geothermal heat pumps for centralized heating and cooling, which will have a revolutionary impact on the traditional oil sand mining method in the current North American market. It is expected to also apply to the company's oil production in Canada, helping the company improve its competitiveness in the future North American market.