China Print Power Group said that its wholly-owned unit has signed a framework agreement for a possible investment in a China-based natural gas company.
The investment is in a British Virgin Islands firm which in turn holds about 79 per cent of Benxi Liaoyou Xinshidai Ranqi Company. Benxi Liaoyou is building natural gas pipe lines, natural gas stations and supply hubs in Benxi City in Liaoning Province. It will also operate the facilities once they are completed.
China Print Power can now do due diligence and negotiate the deal exclusively with the seller.
The firm said the possible deal is a good chance to to expand into China's natural gas business. It remains focused on developing its existing businesses in printing and the sales of paper and leather products.