OREANDA-NEWS. June 09, 2011. Piped-gas distributor China Gas Holdings Ltd. (0384.HK) said Monday that its joint venture plans to acquire a 49% stake of Chinese liquefied petroleum gas retailer Panva Gas Holdings Ltd. for HKD259.7 million (USD 33.4 million).

The Hong Kong-listed company said Energy Link Investments Ltd., its joint venture with Oman Oil Co. SAOC, has conditionally agreed to acquire the 49% stake of Panva Gas from three parties: Magic Strength Holdings Ltd., Wealth Elite Holdings Ltd. and Elite First Ltd.

Panva Gas has around 450 self-owned retail stores and 120 franchised outlets in cities including Nanjing, Wuhan and Hangzhou. China Gas said the acquisition would enable the company to consolidate in the LPG market in China and capture larger market share.

China Gas and Oman Oil formed the joint venture in November. China Gas holds a 55% stake in the venture and Oman Oil owns 45%.