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2007-5-21 05:44:00 p.m. HKT, XFNA
Hong Kong & China Gas to invest 2 bln hkd in 30 projects in China this year
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HONG KONG (XFN-ASIA) - Hong Kong and China Gas Co Ltd (Towngas) said it
plans to invest 2.0 bln hkd in China's utilities business this year.
Managing director Alfred Chan Wing-kin told reporters after its annual
general meeting that the company will spend 2.0 bln hkd to secure 30 projects
in China this year, including natural gas and water projects.
Chan added that the company will also invest 600 mln hkd in local piped
gas network facilities.
He also said that the firm is expected to reduce its operating costs by
15 pct after merging the Towngas and Panva Gas Holdings Ltd company offices
on the mainland.
Towngas became Panva's largest shareholder earlier this year after it had
completed its purchase of a 43.97 pct stake in the company.
Chan expects Panva to turn profitable this year after it had recorded net
loss of 256 mln hkd last year.
Commenting on the latest credit-tightening measures on the mainland,
Towngas chairman Lee Shau-kee said Beijing is likely to take further action
as the three-pronged policy announced on Friday has seemingly failed to cool
down mainland stock markets
The mainland government announced on Friday that it is to hike interest
rates, increase the bank reserve ratio, and widen the yuan's daily trading
band.
Lee said that there is bubble in China's A-shares market and that
investors there are aggressively and recklessly chasing stocks whereas
investors in Hong Kong generally take a more rational approach.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
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