Australian explorer Roc Oil has appointed a new non-executive director to its board as a nominee of Transcendent Resources Limited (Fosun).
Bin Zhao will become a board member of the wholly-owned subsidiary, after approval of the Fosun offer was made earlier this month.
Billionaire Guo Guangchang’s Fosun International agreed to acquire Roc Oil for $441million in cash, giving the Chinese group assets stretching from Australia to Malaysia.
ROC’s chairman Mike Harding said: “We welcome Mr Bin ZHAO to the ROC Board as part of the transition of stewardship following the declaration by Fosun that the Fosun Offer is now unconditional.”
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