China Gas approved to acquire Zhongyu Gas
China Gas Holdings Ltd, which is mainly engaged in investment, operation and management of urban gas pipelines in China, on Friday said that it has passed the anti-monopoly review of China's Ministry of Commence to acquire Zhongyu Gas Holdings Ltd, sources reported.
In the statement filed with the Hong Kong Stock Exchange, China Gas said that the offer has become unconditional upon the approval from the MOC. In January, China Gas announced that it would spend HK$2.12 billion to buy all the outstanding shares of Zhongyu Gas.
China Gas would pay Zhongyu Gas up to HK$408 million in cash and place as much as 350 million new shares for the acquisition. Shares of Zhongyu Gas Holding rose 11.43% to HK$0.78 on the Hong Kong Stock Exchange today.