Strategic investment - Joint Venture purchase of additional China Gas shares
Fortune Oil (LSE: FTO.L) focuses on oil, natural gas and resource supply operations and investments, primarily in China. Fortune Oil is listed on the Main Market of the London Stock Exchange.
Fortune Oil confirms that China Gas Group Limited, its Joint Venture with Mr. LIU Minghui, and Fortune Max Holdings Limited ("Fortune Max") have together purchased 25,142,000 additional shares in China Gas Holdings Ltd ("CGH"; 0384.HK) since the announcement made on 17 February 2012.
Fortune Max is a private company controlled and beneficially owned by Mr Daniel Chiu, a director and substantial shareholder in Fortune Oil. Fortune Max is therefore deemed for the purposes of the Hong Kong Code on Takeovers and Mergers ("the Code") to be an associate of CGG.
As a result of the above purchases, the combined overall holding of the Joint Venture and of Fortune Max in CGH is now 443,940,000 shares, representing 10.13% per cent.of CGH's issued share capital.
Fortune Oil is obliged under Hong Kong Takeover Code Rules to publicly file details of all dealings through the Joint Venture and Fortune Max in the shares of China Gas Holdings Ltd before 10am on the next dealing day. Copies of these filings are publicly available at
Fortune Oil will announce in London the total amounts acquired weekly or where in a single day the current holdings by the Joint Venture and / or Fortune Max have materially changed.
For further details:
Fortune Oil PLC
Tee Kiam Poon - Chief Executive
Bill Mok - Chief Financial Officer
Tel: 00 852 2583 3125
Tel: 00 852 2583 3120
Pelham Bell Pottinger
Tel: 020 7861 3112 / 07802 442486
Background on Fortune Oil
Fortune Oil is a leading independent energy company engaged in the investment and operations of oil and natural gas supply projects in China. With almost 20 years of operating history in China, Fortune Oil has acquired a unique portfolio of high quality oil and natural gas projects across the country and has formed a strong partnership with domestic and international market leaders. Fortune Oil recently started an expansion outside China securing resource projects. Fortune Oil is listed on the Main Market of the London Stock Exchange with its operational headquarters in Hong Kong.
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