Santos has been advised by ENN Group that it has sold approx. 107.1 million shares representing a 5.14 per cent interest in Santos at $7.33 per share. ENN has advised Santos that it remains fully supportive of Santos’ strategy and future direction and is excited to remain Santos’ largest individual shareholder with a 9.97 per cent stake.
China s ENN Cuts Stake in Santos
Australian oil and gas explorer Santos on March 8 said that China s ENN Group has reduced its stake in the company.
ENN Group sold approximately 107.1mn shares representing a 5.14% interest in the company at A$7.33 (US$5.65)/share. Despite the sale, the Chinese company remains Santos largest shareholder with 9.97% ownership.
“ENN has advised Santos that it remains fully supportive of Santos strategy and future direction and is excited to remain Santos largest individual shareholder,” Santos said.
As a result of the reduced shareholding, Santos 2017 strategic relationship agreement with ENN regarding board representation and other matters is no longer effective. Accordingly, the ENN-nominated director Eugene Shi will resign from the Santos board following the completion of the sale, the company said.
Santos said today that its largest shareholder had sold about one third of its stake worth A$785 million ($603.7 million) in the Australian gas producer.
Santos Ltd said on Monday its largest shareholder had sold about a third of its stake worth A$785 million ($603.7 million) in the Australian gas producer.