[ET Net News Agency, 12 May 2020] China Resources Gas Group Limited (01193) said a
placing agent has agreed to act as agent for CRH (Gas) Limited (the vendor, holding
approximately 63.30% of the issued share capital of the company) to place a total of 90
million placing shares owned by the vendor at a price of HK$40.81 per share to no less
than six independent placees.
The shares to be placed represent approximately 3.89% of the company's issued share
capital as enlarged by the subscription. The placing price represents a discount of
approximately 7.14% to the closing price of HK$43.95 on the last trading day.
The vendor has conditionally agreed to subscribe for and the company has conditionally
agreed to allot and issue to the vendor 90 million subscription shares equivalent to the
number of the placing shares, at the subscription price.
The net proceeds from the subscription are estimated to be approximately HK$3.67
billion. The company intends to use the net proceeds for the acquisition of more
downstream city gas distribution businesses in the PRC and replenishment of general
working capital of the company. (RC)