Canada Capital Energy Corporation (CCEC), whose corporate office is in Vancouver, closed a private equity investment with China’s Zhejiang Rongsheng Holding Group in December, CCEC announced January 6.
CCEC is a private oil and gas development and exploration company with operations in Saskatchewan. Its focus is light oil and liquids-rich natural gas in the Western Canadian Sedimentary Basin.
The amount of the investment is undisclosed, but Robert Giles, CCEC’s VP business development, told Business in Vancouver it is one of the biggest investments the company has had.
“All I can say is that it’s material,” he said.
Bruce Hong, CCEC CEO, said, “Rongsheng’s track record of value creation in all of its business segments and its approach to partnership make them a great fit with CCEC’s team and existing shareholder, the ZhongRong Group.”
Zhejiang Rongsheng Holding Group, based in Hangzhou, has also committed further equity capital for future investments in CCEC to support acquisitions and organic growth.
