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Towngas China to spend HK$1 bln on acquisitions this year

Jun. 5, 2012 (China Knowledge) - Towngas China Co Ltd<1083>, controlled by Hong Kong and China Gas Co Ltd<0003>, an arm of Henderson Land Development Co<0012>, plans to acquire 10 new projects this year with a total consideration of about HK$1 billion to enhance its presence in mainland China.

The proposed acquisitions would be principally in Northeast and Southwest China, said Chan Wing Kin, chairman of Hong Kong-listed Towngas China, adding that three such deals have been completed.

Towngas China, which booked YoY sales growth of 43.8% in 2011, aims to sell more than 5 billion cubic meters of natural gas this year, reflecting an increase between 15% and 20% from a year earlier.

At present, the Chinese urban gas supplier runs 68 projects in mainly industrial areas across 13 provinces and municipalities.

Executive Director Ho Hon Ming noted Towngas China currently has over HK$1 billion in cash and owns good credit rating.

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