ENN to seek green light on proposed China Gas offer
Gas supplier ENN Energy is to seek shareholders' approval on July 6 for a US$2.2 billion takeover offer for its bigger rival China Gas Holdings, even though the bid is significantly below the China Gas stock price. ENN, which has teamed up with the mainland's second-largest oil firm, Sinopec, in the unsolicited bid, needs to get the go-ahead before proceeding with a formal takeover offer. It has not said if it will raise its HK$3.50 per share offer. Denise Tsang
12 dim sum bonds listed this year raised HK$13.5b
Twelve so-called dim sum bonds have listed on the Hong Kong stock exchange this year to raise 11.8 billion yuan (HK$13.5 billion), according to data released by the exchange yesterday. There are a total of 23 dim sum bonds listed in Hong Kong. In November, the exchange relaxed some requirements to attract dim sum bond listings by shortening the application process for those aimed at professional investors. Enoch Yiu
More details sought on scrapping headcount rule
Lawmakers have asked for more information on a government proposal to scrap the headcount rule in the Companies Ordinance. Under the rule, a privatisation must be approved by 50 per cent of those present at a shareholders' meeting. The majority it requires is based on the number of shareholders, not their shareholding value. It is seen as unfair and easily manipulated. Enoch Yiu