Thinsoft has acquired two diesel and kerosene wholesale companies based in Zhejiang, China, for RMB90 million (€10 million).
The two companies acquired were Zhoushan Boke Power and Zhejiang Yuye Petroleum and Thinsoftwill now operate the two businesses.
Boke and Yuye currently sells diesel, kerosene, fuel and lubricating oil throughout the Zhejiang Province and Eastern China.
Following the acquisition, Yuye is to be a subsidiary of Thinsoft and the company says it is to diversify into the wholesale business of refined oil.
Dennis Yu, Chairman of Thinsoft says: ‘Zhoushan City is one of the key oil storage base in the People’s Republic of China. The possible acquisition will help the company to broaden the business network of the fuel oil processing and trading business in the region and Eastern China. We believe this will increase the potential of the group’s future earning ability and in turn benefit the shareholders.’