CR Gas to acquire Wang Gao from parent
Shanghai. July 25. INTERFAX-CHINA - Hong Kong Stock Exchange-listed China Resources Gas Group Ltd. (CR Gas) has agreed to fully acquire gas distributor Wang Gao Ltd (Wang Gao), CR Gas announced July 22.
CR Gas and Wang Gao are subsidiaries of China Resources Holdings Co. Ltd (China Resources Holdings). CR gas will acquire Wang Gao from China Resources Holdings for an estimated HK$1.71 billion ($220 million).
Wang Gao distributes natural gas in the mainland cities of Yueyang, Hunan Province; Jingdezhen, Jiangxi Province; Anyang, Henan Province; Dandong and Dalian in Liaoning Province; and Zhongshan and Huizhou in Guangdong Province.
The acquisition is intended to expand CR Gas's market share in the downstream gas industry, the announcement said.
China Resources Holdings has a 68.28 percent shareholding in CR Gas.
CR Gas operates 55 city gas distribution projects in 15 provinces and one municipality in mainland China, the report said.
- HD