dividend announced and updates Changfeng Energy Inc. (TSX VENTURE:CFY) ("Changfeng" or the "Company"), announced today that, pursuant to its previously announced dividend policy in 2017, its Board of Directors has approved the second installment of the semi-annual dividend in the amount of C$ 600,132 based on the prevailing exchange rate between CAD and RMB. According to the dividend policy announced in 2017, a total of approximately RMB 6,000,000 will be contemplated to be paid annually in semi-annual installments. The second semi-annual dividend of approximately C$ 0.0094 per common share is payable on March 2, 2018, to shareholders of record as of the close of business on February 19, 2018. Trading in Changfeng's common shares will begin on an ex-dividend basis at the opening of trading on February 16, 2018.
The semi-annual dividend will be designated as an "eligible dividend" for Canadian income tax purposes pursuant to subsection 89(14) of the Income Tax Act(Canada). Future semi-annual dividends, to be approved by Changfeng's Board of Directors, will be designated as an "eligible dividend" for Canadian income tax purposes unless otherwise indicated by Changfeng.
Changfeng's subsidiary EDF Changfeng Energy Management Co., Ltd. completed its Engineering Purchase and Construction ("EPC") contract bidding for the Haitang Bay Integrated Smart Energy Project. The first stage of construction is expected to be completed by the end of August 2018.
Changfeng further announces that Sanya Changfeng New Energy Investment Co., Ltd., a wholly owned subsidiary of Changfeng Energy Inc., and EDF (China) Holding Ltd., a wholly owned subsidiary of the EDF Group has entered a Memorandum of Understanding to jointly develop, invest, and operate integrated smart energy projects across the People's Republic of China.
Changfeng Energy's subsidiary Hebei Riheng Green Energy Co., Ltd. is pleased to announce that it has entered into a three-year contract to supply natural gas for a ceramic manufacturer in Xingtai City, Hebei Province. The operation of the ceramic manufacturer is currently suspended due to a relocation of its facilities. The Company will purchase LNG and gasify the LNG at the factory where regasification facilities will be constructed. Currently, the Company is engaging in the equipment bidding procedure and the site construction has also begun. The equipment is expected to be installed after the Chinese New Year holiday in late February 2018. The full capacity of the facilities is 150,000/m3 of natural gas per day.
About Changfeng Energy Inc.
Changfeng Energy Inc. is a Canadian public company currently traded on the Toronto Venture Exchange ("TSX-V") under the stock symbol "CFY". It is an integrated energy provider and natural gas distribution company (or natural gas utility) in the People's Republic of China. Changfeng strives to combine leading clean energy technology with natural gas usage to provide sustainable energy to its customer base in the PRC. In 2009, Changfeng was recognized as being one of China's Top Ten Most Influential Brands in the Natural Gas Industry.