towngas-and-panva-join-forces

Towngas and Panva join forces

Panva Gas acquires an interest in 10 piped gas companies owned by Towngas in China at a price of $415 million.
Panva Gas Holdings has announced that it will acquire an equity interest in 10 China piped gas companies and shareholders loans of the Hong Kong and China Gas Company Towngas.

Panva will issue approximately 773 million new shares to Towngas at a price of HK$4.18 $0.54 per share, representing 45% of PanvaÆs enlarged share capital. Consequently, Towngas will become the largest shareholder in Panva.

Panva will also take over HK$568 million of shareholder loans on the books of the target companies. HK$476.7 million of the loans are non-interest bearing while the rest carry interest of between 4.25%-5.85% per annum. HK$352 million of the loans have no definite repayment term while...
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