Towngas still in stake talks
Hong Kong and China Gas (Towngas) is still in talks to acquire 24 per cent of Shenzhen Gas, the piped-gas monopoly in the special economic zone.
Towngas managing director Alfred Chan Wing-kin yesterday denied mainland press reports that the deal was closed, with the company paying 300 million yuan (HK$282.66 million) for the minority stake.
'We're still negotiating with Shenzhen Gas. I don't think there will be a conclusion in the next few days,' he said.
Towngas, Hong Kong's dominant piped-gas provider, is understood to be competing with Britain's BP in the last round of bidding.
Meanwhile, Reuters reported that Panva Gas Holdings submitted a bid for Shenzhen Gas last month and wanted to buy at least 51 per cent of the utility. Analysts doubted the likelihood of Panva, which was embroiled in a piped-gas tax controversy, buying the interest in the state-owned firm.
