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Fortune Oil acquires China Gas shares from Fortune Max


Published Apr 16, 2013
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Fortune Oil

Fortune Oil announces the following development regarding its shareholding in China Gas Holdings Ltd (CGH) which is held through China Gas Group Limited (CGG), a joint venture company between the Company and Mr Liu Minghui.

As detailed in the Company's announcement on 17 February 2012, CGG entered into an arrangement with a private company (Fortune Max) controlled and beneficially owned by Mr Daniel Chiu, a director and substantial shareholder in the Company, in order to help finance the purchase of CGH shares. Pursuant to this arrangement, Fortune Max subsequently purchased CGH shares and agreed to sell any such shares purchased to CGG at cost, as and when called upon by CGG.

Tags: Fortune Oil



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