Sinoenergy Corp. (SNEN.OB) Secures $17.87 Million Investment
Sinoenergy Corp. (OTCBB: SNEN) announced its subsidiary, Qingdao Sinogas General Machinery, finalized a $17.87 million strategic investment from a group of Chinese investors. The compressed natural gas (CNG) vehicle and gas station equipment manufacturer also said it is reorganizing its group structure to differentiate its business segments by their functions. Per the arrangement, the investors will acquire a 24.95 percent ownership of the company, while Sinoenergy will retain a 75.05 percent ownership. The investment will allow the subsidiary to operate as a domestic joint venture, increasing registered capital to $15.7 million from $11.8 million. The company also develops and operates…