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2005-6-16 08:32:00 a.m. HKT, XFNA
Hong Kong-listed Enerchina increases stake in Panva Gas to 58.77 pct
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HONG KONG (XFN-ASIA) - Enerchina Holdings Ltd said it has raised its
stake in Panva Gas Holdings Ltd to 58.77 pct from 58.45 pct by purchasing 2.
98 mln shares at an average price of 3.026 hkd per share.
Enerchina chairman Ou Yaping said the latest acquisition is reasonable
following Enerchina's acquisition earlier this month of 550.79 mln shares in
Panva Gas at 3.30 hkd per share.
""Panva Gas is one of the leading enterprises in the gas industry in China
and its businesses currently cover 11 provinces. With the bright prospect of
the gas industry in China, we are optimistic about the growth potential of
Panva Gas and believe that the purchase of Panva Gas's shares will bring
favorable returns to our shareholders,"" he said.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
jc/mas
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