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2007-5-14 08:55:00 a.m. HKT, XFNA
Hong Kong-listed Panva Gas to raise at least 703.49 mln hkd in open offer
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HONG KONG (XFN-ASIA) - Panva Gas Holdings Ltd said it plans to raise at
least 703.49 mln hkd in an open offer to retire debt and finance expansion.
The company, in which Hong Kong and China Gas Ltd holds a 43.97 pct
stake, said it plans to issue 175.87 mln to 184.36 mln new shares at 4.0 hkd
each to certain shareholders. Shareholders to whom the offer will be made
will be entitled to subscribe to one new share for every 10 existing shares
held.
The price represents a discount of 5.2 pct to Panva's closing price of 4.
22 hkd last May 10.
""The company's current financing strategy is to improve financial
liquidity in order to pursue future growth opportunities in the piped gas
sector, while retiring higher cost debt,"" it said.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com xfnlwm/xfnzr
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