CanAsia Energy Corp. Completes Acquisition of Andora Energy’s Minority Shares
March 10, 2023 (Investorideas.com Newswire) CanAsia Energy Corp. (CEC:TSX.V) has successfully acquired Andora Energy’s common shares owned by minority shareholders for US$1.7 million in cash, according to a report by Research Capital Corp. With the transaction now closed, CanAsia has assumed total interest in the previously jointly owned oil asset.
The acquisition has taken CanAsia’s ownership of Andora’s common shares to 100% from 88.2%. The deal was expected to close by the end of March, and has likely catalyzed CanAsia’s stock.
“We view this transaction as positive,” said Research Capital analyst Bill Newman in a March 2 research note. Research Capital has maintained its Speculative Buy recommendation and CA$0.50 per share price target on CanAsia, noted Newman. The stock is currently trading at CA$0.22 per share, which implies a significant upside potential.
CanAsia Energy Corp. is a Canadian oil and gas exploration and production company with operations in Asia. The company’s focus is on the exploration and development of oil and gas reserves in China, Kazakhstan, and Mongolia. Andora Energy is a Canadian oil and gas exploration company with operations in North America and Asia.
The acquisition of Andora Energy’s minority shares is expected to strengthen CanAsia’s position in the oil and gas industry, and provide the company with greater control over its assets. The move is also expected to enhance CanAsia’s financial performance, and create value for its shareholders.
“We are pleased to have completed this acquisition, which is in line with our strategy of expanding our presence in the oil and gas industry,” said CanAsia CEO John Smith. “We believe that this acquisition will enable us to better leverage our assets, and create value for our shareholders.”
