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2005-7-12 06:29:00 p.m. HKT, XFNA
Hong Kong-listed Enerchina raises stake in Panva Gas to 60.57 pct from 58.45
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HONG KONG (XFN-ASIA) - Enerchina Holdings Ltd said it has raised its
stake in unit Panva Gas Holdings Ltd to 60.57 pct from 58.45 pct by buying an
additional 19.94 mln shares in the gas company.
In a statement, it said it bought the shares on the market for 3.126 hkd
each, or a total of 62.31 mln hkd.
Last month, Enerchina acquired 550.79 mln shares in Panva at 3.30 hkd
apiece.
""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 will
bring favorable returns to our shareholders,"" company chairman Ou Yaping said.
Panva sells piped gas to 11 provinces in China.
At today's close, Enerchina was down 0.02 hkd or 2.5 pct at 0.78, and
Panva down 0.05 hkd or 1.57 pct at 3.125.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com
lw/net
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