State-owned China Aviation Oil Holdings will expand its control of the mainland's aircraft refuelling infrastructure by buying a stake in southern and central China's sole jet fuel supplier through its 75 per cent-held Singapore-listed arm.
Jet fuel trading company China Aviation Oil (Singapore) will buy 24.5 per cent of South China Bluesky Aviation Oil from London-listed Fortune Oil for #31.8 million (HK$453.1 million).
The deal comprises #11.9 million in cash, as well as #19.9 million in new shares and an option for further shares.
The state-owned firm already owns 51 per cent of Bluesky through a subsidiary.
A spokeswoman for China Aviation Oil (Singapore) said: 'We will be able to control the [jet refuelling] facility in Guangzhou after the acquisition.
'We see a lot of potential in the new airport which will be operational in the middle of the year.'