China Gas plans $1 5 billion share sale for gas projects, business development marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
China Gas plans $1.5b share sale for new gas projects, business development
FILE PHOTO: Gas storage facilities owned by China Gas Holdings are seen at a refueling station for ships in Chongqing, China December 12, 2017. REUTERS/Chen Aizhu
April 22, 2021
China Gas Holdings Ltd plans the sale of HK$11.66 billion ($1.50 billion) worth of new shares to major shareholders, to raise capital for gas projects and expansion.
It plans to acquire city gas projects in China, and expand and develop liquefied petroleum gas and distribution heating businesses.
The gas services provider has agreed to sell 392 million new shares, or 6.99% of the enlarged share capital, to shareholders Beijing Enterprises Holdings Ltd and China Gas Group Ltd, it said in a filing to the Hong Kong bourse on Thursday.
China Gas Holdings to raise $1.5bn for expansion
Hong Kong-listed gas retailer China Gas Holdings will sell 392mn new shares worth HK$11.6bn ($1.5bn) to fund its expansion in China, it said on April 22 in a stock exchange filing.
The company plans to acquire new city gas projects in China, expand its LPG smart microgrid business and develop distributed heating operations. It will also use some portion of the funds for working capital needs.
“The company believes that the placing offers the company a good opportunity to raise equity for its business developments as well as to optimise its capital structure,” it said. “Further, the company believes that it will be able to enrich its shareholder base by attracting a number of high calibre investors to participate in the placing.”
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