01/09/2008
Two Far Eastern companies are putting $72 million (£39 million) into Hong Kong-based Fortune Oil’s new gas offshoot.
Wilmar International, Asia’s leading agribusiness group, and the Kuok South East Asian trading group, are spending $36 million apiece to buy 15 per cent each of Fortune Gas, a Hong Kong company holding all of fully listed Fortune Oil’s gas distribution, coal bed methane and other gas interests in China.
The Kuok group is using its subsidiary Kerry Holdings, which already owns 4.74 per cent of Fortune Oil itself, as the vehicle for its Fortune Gas purchase.
Fortune Oil will retain a controlling 70 per cent after the investment, which is conditional upon the shareholders’ agreement and due diligence and is expected to be completed within two months.
Qian Benyuan, Fortune Oil’s chairman, says as well as providing the investment cash, ‘our new partners bring extensive industry experience that will assist the successful development of Fortune Oil’s integrated gas business’.
Fortune Oil shares, which rose from 4.9p to 13.25p between 2005 and last May, now trade at 10.75p. That values the company at £207.3 million.
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