21st Nov 2013 11:10
LONDON (Alliance News) - Fortune Oil PLC Thursday said its stake in China Gas Holdings Ltd will rise to 18.39% after the company pays a second tranche of shares as payment for buying Fortune's gas division.
In a statement, Fortune Oil said China Gas shareholders had approved the issue of 184.1 million new shares to Fortune to cover the USD200 million second payment for the acquisition.
The new shares represent about 3.69% of China gas' enlarged share capital. Fortune Oil holds the other stake though its 50% shareholding in China Gas Group Ltd, which has a 14.69% stake in China Gas Holdings.
Fortune Oil shares were up 0.6% at 9.30 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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