Strong shareholder support secured for business expansion and diversification
HONG KONG, CHINA - Media OutReach - 4 July 2019 - Amber Energy Limited ("Amber Energy" or the "Company", together with its subsidiaries, the "Group"; stock code: 00090), a leading clean energy provider in Zhejiang Province, is pleased to announce that the proposed change the Company's name to "Puxing Clean Energy Limited (普星潔能有限公司)" ("Puxing Clean Energy") has been approved by nearly 100% of its shareholders at an extraordinary general meeting held on 4 July 2019. The new name will take effect after it is approved by the Registrar of Companies in the Cayman Islands. The Company's stock code "00090" will remain unchanged.
The change of name better reflects the Group's strategic direction and business focus in the future. It also shows the relationship between the Company and its controlling shareholder, Shanghai Pu-Xing Energy Limited ("Puxing Energy"). Puxing Energy is an integrated energy company jointly owned by China Wanxiang Holding Co., Ltd. ("China Wanxiang") and Minsheng Life Insurance Co., Ltd. ("Minsheng Life Insurance") with focus on investing, developing and operating of clean energy and renewable energy businesses. Leveraging its shareholders' expertise in the clean energy sector and immense financial capital, Puxing Energy devotes in a wide range of businesses in the energy sector covering construction of wind farms, operating natural gas-fired power plant, and designing and building of energy storage power stations. It also adopts and develops frontier technologies in the energy sector. Puxing Energy has a 230 megawatts (MW) natural gas-fired power plant, a total installed capacity of 51MW's wind power plants, and a number of energy storage projects and charging stations. Amber Energy is the only offshore listing vehicle of Puxing Energy that can tap the international capital markets.
Mr. Wei Junyong, Chairman of Amber Energy, said, "We rename our company to show investors the background and strengths of its shareholders and to reflect the direction of its business development. We thank the shareholders for their support and votes for the change of the company's name. Our controlling shareholder, Puxing Energy, is an energy investment company that can leverage China Wanxiang's valuable experience in the clean energy industry and Minsheng Life Insurance's immense financial capital. Its advantages will enable the Group to expand its installed capacity for power generation and to explore possibilities for branching out into other types of clean energy in the future. The new name will also give the Company a distinct corporate identity, which will be beneficial to the Group's future business development. Building on its clean energy business, the Group will seek to extend the scope of its businesses along the value chain of the industry to auxiliary power services, energy contract management and energy storage under the concept of 'Energy + Technology'. This will add new impetus to the Group's business, thus maximizing returns to its shareholders."
About Amber Energy
Amber Energy is a leading clean energy provider in Zhejiang Province. It is mainly engaged in development, operation and management of natural gas-fired power plants. Presently, the Group owns four natural gas-fired power plants with a total installed capacity of approximately 458MW (including 578 kW rooftop photovoltaic power generation facilities installed in 2018) and a heating capacity of approximately 160 tonnes per hour.