OREANDA-NEWS. August 03, 2011. It is reported that China Resources Gas Group will acquire Wanggao a distributor of natural gas from its parent, China Resources Holding for CNY 1.71 billion.

The company will issue 161 million shares at CNY 10.6096 per share to its parent. The issue price represents a discount of eight percent over the closing price of CNY 11.54 last Friday.

Upon the completion of the transaction, the parent shareholding in China Resources Gas Group will be increased from 68.28% to 70.84%.

The target company mainly distributes natural gas and operates natural gas stations in the cities of Yueyang, Zhongshan, Jingde Town, Anyang, and Dandong.