China’s Xinjiang Guanghui eyes 51% stake Kazakhstan’s ACG

10 January 2012 05:22  [Source: ICIS news]

GUANGZHOU (ICIS)--China’s Xinjiang Guanghui Industry plans to acquire a 51% interest in Kazakhstan’s Alga CaspiyGas (ACG) for $200m (€156m) as part of its aim to expand internationally, the Chinese company said on Tuesday.

ACG will issue new shares to Xinjiang Guanghui for the planned acquisition, the company said in a statement to the Shanghai Stock Exchange.

The acquisition will make Xinjiang Guanghui a 51% stakeholder in the southern Imashevsky oil and gas field in Kazakhstan, the statement said.

ACG is currently wholly owned by Foren Associates, according to the statement.

Xinjiang Guanghui engages primarily in petroleum, coal, coal chemical and liquefied natural gas (LNG) production and distribution in China.

($1 = €0.78)

By: Fanny Zhang
+65 6780 4359

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