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Beijing Enterprises Holdings said on Tuesday it would buy from its parent company 22.01 per cent of city gas pipelines operator China Gas Holdings for HK$8.22 billion ($1.06 billion) to strengthen its position in the Chinese natural gas sector.
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Beijing Enterprises Holdings, which also has brewery, sewage and water treatment operations in the mainland, will buy China Gas shares from parent Beijing Enterprises Group Company Ltd at HK$7.80 each, it said in a filing with the Hong Kong bourse.
The deal will be settled with HK$2 billion in cash and by the issue of 113.13 million new Beijing Enterprises Holdings shares at HK$55 each to the parent, increasing the parent’s stake in Beijing Enterprises Holdings to 61.59 per cent from 57.86 per cent.
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