BGBS duly passed the acquisition of 29% equity interest of a LNG terminal in Caofeidian
HONG KONG, May, 16 2018 - (Media OutReach) - Beijing Gas Blue Sky Holdings Limited ("the Company" or "Beijing Gas Blue Sky", together with its subsidiaries, the "Group", HKSE stock code: 6828) is pleased to announce that, the following resolutions: the Acquisition of 29% equity interest of a LNG terminal in Caofeidian, the proposed issue of Consideration Shares, and the Whitewash Waiver, were duly passed at the SGM.
According to the Acquisition Agreement, the Group agreed to acquire all of the issued share capital of a wholly-owned subsidiary of Beijing Gas HK, which indirectly owns 29% equity interest in PetroChina Jingtang. The Consideration for the Acquisition is RMB1,008 million (equivalent to approximately HK$1,204 million). The PetroChina Jingtang is principally engaged in provision of port facilities for vessels, provision of cargo handling services, warehousing and loading services within the port area, and receiving, storage and re-gasification of liquefied natural gas.
The liquefied natural gas receiving terminal of PetroChina Jingtang, located in Caofeidian Industrial Zone, Tangshan City, Hebei Province, is an important natural gas supply facility in North China. This receiving terminal consists of port project, receiving terminal project (with a planned handling capacity of 10 million tons per year) and out-terminal pipelines, with a land area of approximately 48 hectares and sea area of approximately 135 hectares. Imported liquefied natural gas is gasified by the receiving terminal and transmitted to the Yong Tang Qin pipeline, and then to Shaanxi-Beijing second line pipe network in the west and Northeast pipe network in the east. The receiving terminal is an important supporting facility for the natural gas pipe network in Beijing, Tianjin and North China. In addition, PetroChina Jingtang also supplies liquefied natural gas to its surrounding areas such as Tangshan, Chengde, Tianjin and Qinhuangdao via various distributors. PetroChina Jingtang not only safeguards the supply of natural gas in Beijing, but also plays a crucial role in further promoting the "coal-to-gas" reform in Beijing-Tianjin-Hebei region, optimizing the comprehensive use of natural gas, and providing more adequate and reliable natural gas supply.
Mr. Tommy Cheng, Co-Chairman and Executive Director of the Group said that "We expect that the Acquisition will further secure the source of supply of natural gas to Beijing Gas Blue Sky and enhance our bargaining power of imported LNG, laying a solid foundation for the Group's LNG import business. It represents strategic importance for the Group through improving the security for gas supply, as well as enhancing the Group's industry position in the gas distribution sector."
About Beijing Gas Blue Sky Holdings Limited
Beijing Gas Blue Sky Holdings Limited ("Beijing Gas Blue Sky", HKSE stock code: 6828) is an integrated natural gas provider, distributor and operator, with an emphasis on the midstream and downstream natural gas development. Our natural gas business includes: (i) construction and operation of compressed natural gas ("CNG") and liquefied natural gas ("LNG") refueling stations for vehicles; (ii) construction of natural gas pipelines and operation of city gas projects by providing piped gas; (iii) direct supply of LNG to end-users; and (iv) trading and distribution of CNG and LNG.
The Group has adapted to the "One Belt One Road" policy, and focus on operating and investing natural gas business. The Group is actively expanding its business development and distribution, as well as continues to gradually expanding the scale of operations. Currently, the Group has business presence in several provinces in Northeast China, East China, Central South China and Southwest China, including Liaoning Province, Jilin Province, Shandong Province, Shanxi Province, Anhui Province, Zhejiang Province, Hubei Province, Guizhou Province, Sichuan Province and Hainan Province, etc. The Group is committed to its vision: "develop clean energy, enhance customer value, create a beautiful blue sky". In the future, it will continue to actively investing and developing natural gas business, as well as participating in the development of natural gas industry value chain.
For media inquiries, please contact:
Stimulus Investor Relations Ltd.
Contact: Ms. Hill Ho / Mr. Michael Yeung
Tel: +852 3159 2944 / +852 3159 2994
Email: [email protected] / [email protected]
Source: Beijing Gas Blue Sky Holdings Limited
Copyright ©2018 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.