Acquisition

Panva Gas buys stake in Anshan utility

PUBLISHED : Saturday, 25 December, 2004, 12:00am
UPDATED : Saturday, 25 December, 2004, 12:00am

Panva Gas Holdings subsidiary Panriver Investments will buy 51 per cent of Anshan City Gas in Liaoning province for 70.49 million yuan.


Anshan City Bureau will retain a 19 per cent stake in the gas operator, while Shanghai Investment will take 30 per cent.


The buying price was at par to the company's net asset value of about 138.22 million yuan as at June this year.


The company, Anshan Panva Gas, will have 30 years' exclusive operation rights in Anshan for gas fuel and piped-gas network operation and management.


Panva said the acquisition would enhance its earnings and assets base.