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Fortune Oil increases interest in China Gas Holdings Limited


Published Aug 21, 2014
Fortune Oil

Fortune Oil has increased its interest in China Gas Holdings Limited (China Gas) through an acquisition of 13,252,000 shares (the "Acquired Shares"). The shares were acquired from the China Petroleum & Chemical Corporation (Sinopec Corp.) as part of a share placement. The shares were acquired at a price of HK$14.80, a 5.1% discount to the closing price on the date the acquisition was made on 13 August 2014.

Due to logistical constraints on the date the acquisition was made, the Acquired Shares were allotted to First Level Holdings Limited (FLH), a substantial shareholder of the Company and private company controlled and beneficially owned by Mr Daniel Chiu, a Director of the Company.

Tags: Fortune Oil




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