Sinoenergy Corporation (Nasdaq: SNEN), developer and operator of retail compressed natural gas (CNG) filling stations in the People’s Republic of China and a manufacturer of CNG transport truck trailer, announced a private merger with Skywide Capital Management Ltd.

Sinoenergy shareholders will receive $1.90 per share on merger completion, which gives a total value of $30.3 million, a 48 percent (approxiamte) premium over Friday closing price of $1.28.

Skywide is a China based company headed by chairman, Tianzhou Deng, and president, Bo Huang. It is currently the largest holder of Sinoenergy’ with 39.06 percent.

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The merger, which is subject to the approval of the shareholder majority, will mean that Sinoenergy will no longer be a separate corporation and will no longer trade publicly.

Share are trading 1.82 Up 0.54 (42.19%) as this is written.

About Sinoenergy Corporation

Sinoenergy Corporation, together with its subsidiaries, engages in the design and manufacture of pressure containers, and compressed natural gas (CNG) facilities and equipment in the People’s Republic of China. It manufactures and sells customized pressure containers to companies in various industries, including the petroleum, chemical, metallurgy, electricity generation, and beverage. The company also manufactures, sells, and installs CNG vehicle and gas station equipment, including CNG trailers for mobile distribution, CNG deposited system for gas station usage, CNG compressor skid, and CNG dispenser to other companies that operate CNG stations. In addition, it involves in the design, construction, and equipping of CNG stations; the operation of stations; and the storage, transportation, and distribution of CNG. Further, the company manufactures CNG vehicle conversion kits and electronic control devices that enable vehicles manufactured for gasoline to operate on CNG. Additionally, it offers petroleum refinery equipment and petroleum machinery; and technical consulting services in CNG filling station construction, and manufacturing of CNG vehicle conversion kits. As of December 10, 2008, the company operated 16 CNG filling stations. Sinoenergy Corporation is based in Beijing, the People’s Republic of China.

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