China Resources Gas to acquire AEI China Gas for $238m

16 May 2012 08:24  [Source: ICIS news]

SINGAPORE (ICIS)--Hong Kong-listed China Resources Gas (CR Gas) said on Wednesday that it has agreed to fully acquire AEI China Gas for a base price of $238m (€188m) to expand its presence in Chinese city gas markets.

A share purchase agreement was signed on 15 May between Thousand Victory Investments, a wholly owned subsidiary of CR Gas, and AEI Asia, the sole shareholder of AEI China Gas, according to a CR Gas statement.

AEI China Gas, which is principally engaged in city gas businesses in China, now operates 28 city gas projects, eight gas stations and four mid-stream gas transmission pipelines projects in 11 provinces in China, the statement said.

“The acquisition is part of our ongoing expansion strategy with the aim of becoming the market leader in the downstream city gas industry,” it said.

CR Gas, a major natural gas distributer in China, operates 73 city gas projects in 16 provinces in the country, according to the statement.

($1 = €0.79)

By: Fanny Zhang
+65 6780 4359

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