Beijing Gas Blue Sky To Acquire Beijing Gas JingTang For Up To US$152.6 Million

Published: Nov 03 2017
Deal Summary

Beijing Gas Blue Sky Holdings Limited, an integrated natural gas provider, entered into a memorandum of understanding to acquire all the issued share capital of Beijing Gas JingTang Company Ltd. (BG Jingtang), an LNG company, from Beijing Gas Company Limited, an investment holding company. The transaction is valued at up to CNY1,008 million (MM) (US$152.59 MM). Beijing Gas will fund the consideration through the issuance of new shares.

BG Jingtang owns a 29% stake in PetroChina Jingtang LNG Co., Ltd., which operates liquefied natural gas terminals, provides storage and re-gasification services. The company also provides port facilities for vessels; providing cargo uploading and unloading, warehousing and loading services within the port area.

The transaction will enable Beijing Gas Blue Sky to strengthen its position in the gas distribution sector.

Tommy Cheng, co-chairman and director of Beijing Gas Blue Sky, said, "We expect that the Proposed Acquisition will further secure the source of supply of natural gas to Beijing Gas Blue Sky. It represents strategic importance for the Group through improving the security for gas supply, as well as enhancing the Group's industry position in the gas distribution sector."

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