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China Resources Gas raises HK$2.7 bln via rights issue

Nov. 22, 2012 (China Knowledge) - China Resources Gas Group Ltd<1193>, controlled by State-owned China Resources (Holdings) Co, has announced it has raised HK$2.7 billion through the rights issue.

The company said in a statement filed with the Hong Kong Stock Exchange that it issued 160 million shares at HK$16.95 apiece.

Proceeds from the deal will be used to purchase more gas distribution business in China's downstream city.

Morgan Stanley has been assigned to handle the deal.

China Resources Gas said earlier that net profit for the first half of this year rose 35.6% YoY to HK$750 million, while its operation revenue for the six-month period surged 42.5% YoY to HK$7.85 billion.

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