HK Panva Gas may buy 45% stake in Foshan Gas

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Last updated at: (Beijing Time) Thursday, November 20, 2003

HK Panva Gas may buy 45% stake in Foshan Gas

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Panva Gas Holding Ltd. said Thursday it has signed a memorandum of understanding for the potential acquisition of a 45% stake in a gas company in China's Guangdong for no more than 81 million yuan ($1=CNY8.28).

The company, Foshan Gas Co., is located in Foshan city of the province and will have 50 years of exclusive rights for piped-gas network operation and supply.

It currently has a main pipeline network of about 143 kilometers and a sub-branch network of approximately 200 kilometers, commanding a market share of about 76% in the city, where the gas-penetration rate is 27%.

Panva Gas will finance the proposed acquisition with the proceeds from the company's internal resources and its five-year convertible bonds issued in April.

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