LONDON (Alliance News) - Fortune Oil PLC said Tuesday it has increased its interest in China Gas Holdings Ltd by buying 13.25 million shares at HKD14.80 each from China Petroleum & Chemical Corp as part of a share placement.
After the purchase, Fortune Oil will hold a 18.62% interest in China Gas.
Due to logistical constraints on the date the acquisition was made, the shares were allotted to First Level Holdings Ltd, a shareholder in Fortune Oil.
Fortune Oil has an agreement with First Level Holdings where it will transfer the shares to Fortune Oil at the earliest convenience. Fortune Oil will indemnify First Level against all costs associated with the acquisition, financing and transfer of the shares.
Shares in Fortune Oil were trading up 2.1% at 9.60 pence late Tuesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
