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SK E&C to expand stake in China Gas
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South Korea's leading city gas provider SK E&C Co. said Thursday it will purchase an additional stake in China Gas Holdings Ltd. for 120 billion won (US$103 million).


"The board approved the move to buy up more shares of China Gas, which has been listed on the Hong Kong Stock Exchange," SK E&C, an affiliate of the country's third-largest conglomerate SK Group, said.

The move to acquire a further 5 percent stake in the Chinese energy company reflects SK E&C's ongoing effort to expand its presence in China's city gas sector, and to strive for more positive synergy with SK Group's other liquefied natural gas businesses, it said.

The company already owns a 5.9 percent stake in China Gas, with SK Group's other affiliate SK Gas holding 4.49 percent.

If the purchase goes according to plan, SK Group's total stake holdings will rise to around 15 percent, solidifying its position as the single largest shareholder of the Chinese energy company.

A company source, meanwhile, stressed that the move does not constitute a hostile takeover, pointing out that general Chinese market conditions do not permit such actions.

"SK E&C aims to increase stakes because it feels China Gas stock prices are undervalued on the market," he claimed.

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Source: Yonhap News (Jan. 12, 2012)

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