Fortune Oil entities will continue buying China Gas shares

28 February 2012 05:07  [Source: ICIS news]

SINGAPORE (ICIS)--Hong Kong-based Fortune Oil will continue to buy the shares of China Gas Holdings (CGH) in the open market, a company official said on Tuesday.

“We will keep buying its [CGH’s] shares. We haven’t set any goal yet,” said Fortune Oil CFO Bill Mok.

Two companies associated with Fortune Oil have been buying CGH shares since December last year and have increased their total stake in CGH to 10.13% as at 24 February, according to a statement from Fortune Oil.

The two companies are China Gas Group (CGG) and Fortune Max Holdings.

CGG is a 50:50 joint venture between Fortune Oil and CGH former director Liu Minghui, while Fortune Max is a private company owned by Fortune Oil director Daniel Chiu.

The moves come after CGH, which is a Hong Kong-listed gas distributor, rejected an acquisition offer last year.

Sinopec and ENN Energy Holdings offered on 12 December 2011 to acquire CGH for Hong Kong dollar (HK$) 16bn ($2bn), or HK$3.50/share.

($1 = HK$7.76)


By: Fanny Zhang
+65 6780 4359



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