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SK Gas to sell 2.25% stake in China Gas

May. 25, 2012 (China Knowledge) - SK Gas Ltd, a South Korea-based natural gas supplier, yesterday announced plans to sell a 2.25% stake in China Gas Holdings Ltd<0384> for HK$375 million to adjust its portfolio.

In a statement, SK Gas said it will sell 98.46 million China Gas shares on May 29 for HK$3.81 apiece, the target firm's closing price on May 24.

Upon the completion of the sales, SK Gas will have a 2.25% stake Hong Kong-listed China Gas.

As of May 24, Fortune Oil PLC and Liu Minghui, the former senior officer of China Gas, had a combined 17.32% stake in China Gas, while Beijing Enterprises Group had spent RMB 2 billion to increase its shareholdings to 14.94%, SK E&S had a 10.84% stake and SK Gas had a 4.49% stake, said a person familiar with the matter.

On Dec. 13, 2011, Sinopec<600028><0386>, Asia's largest oil refiner, and ENN Energy Holdings Ltd<2688> jointly announced plans to spend HK$16.7 billion to acquire entire equities of China Gas. But details of the proposed acquisition have yet been finalized, sources reported.

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