GAIL to acquire stake in China Gas

By agencies   |   Tuesday, 22 February 2005, 08:00 Hrs
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NEW DELHI: Gas Authority of India Limited (GAIL) will pay 242 million Honk Kong dollars for a nine percent stake in Chinese city-gas distributor China Gas Holdings.

GAIL will subscribe to 210 million new shares of the Hong Kong-based firm at 1.158 HK dollars per share, China Gas said in a press release.

This represents about nine percent of China Gas' enlarged share capital.

China Gas would ensure that GAIL's stake is not diluted to less than six percent by any future issue of shares.

GAIL has also agreed not to sell the shares for two years.

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