Merger Takes Effect
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NEWPORT BEACH — Largo Vista Group Ltd. said Monday that it had completed a previously announced merger with a Chinese liquid petroleum gas retailer, Kunming Xinmao Industrial Petrochemical Co.
The complex stock deal is expected to give Largo Vista, a small real estate firm traded over the counter, a steady stream of revenue from Xinmao’s sales of gas for residential heating. It gives Xinmao a 70% stake in Largo Vista and access to the U.S. stock market through Largo Vista’s public status.
Largo Vista officials say they plan to apply for a Nasdaq National Market listing soon, now that the company has enough revenue and assets to qualify.
Former Xinmao Chairman Deng Shan is chairman and chief executive of Largo Vista. A Largo Vista official said the new company is targeting three other acquisitions in southern China.
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