Petochina Transaction Acquisition Of City Gas Business

Source: www.gulfoilandgas.com 12/31/2009, Location: Asia

The Board announces that Kunlun Gas, a wholly-owned subsidiary of the Company, participated in an open tender in respect of the sale of the equity interest in Zhongqing Gas held by Daqing Petroleum Administrative Bureau, a wholly-owned subordinated entity of CNPC, and entered into an asset transfer agreement on 30 December 2009 in respect of equity interests in Zhongqing Gas in accordance with the results of the open tender.

Pursuant to the Asset Transfer Agreement, Kunlun Gas will acquire the City Gas Business from the Transferor. Upon completion of the Acquisition, Kunlun Gas will pay consideration in the amount of RMB1, 088,064,200 (approximately HK$1,236,436,600) to the Transferor, which will be adjusted by any gain/loss attributable to the Target Equity Interest, which arose between the reference date of valuation and the Completion Date on a dollar-for-dollar basis.

CNPC is the controlling shareholder of the Company. The Transferor is a subordinated entity of CNPC. Pursuant to the Listing Rules, each of CNPC and the Transferor is a connected person of the Company and the Acquisition constitutes a connected transaction of the Company.

Since the applicable percentage ratios for the Acquisition are more than 0.1% but less than 2.5%, the Acquisition is only subject to the reporting and announcement requirements and is exempt from the independent shareholders' approval requirement under the Listing Rules. The Acquisition has been approved at the sixth meeting of the fourth session of the Board.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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