September 5 --  Hebei Jointo Energy Investment  announced on September 2 that it plans to spend up to 271 million yuan to acquire a maximum of 105.12 million shares issued by Bank of Hebei, reports yicai.com, citing a company filing. 

Bank of Hebei plans to issue 1.2 billion new shares at 2.58 yuan per share. The bank expects to raise 3.096 billion yuan to boost its cash flow.

Jointo Energy holds 175.2 million shares in Bank of Hebei, equivalent to 8.76 percent of the total share capital, and is Bank of Hebei’s fifth-largest shareholder.

In addition, Hebei Jointo Guorong Energy Service, a subsidiary of Jointo Energy, will increase its total share capital from 50 million shares to 225 million shares.

Jointo Energy plans to buy 175 million new shares of Jointo Guorong Energy Service at 1.00 yuan per share, increasing its stake from 45 percent to 90 percent.