Slaughter and May advises Goldman Sachs on the HK$3.7 billion top-up placing by China Resources Gas
Slaughter and May, Hong Kong, advised Goldman Sachs (Asia) L.L.C., as placing agent, in relation to the placing of 90 million existing shares in China Resources Gas Group Limited (CR Gas) held by CRH (Gas) Limited and the subsequent top-up subscription of 90 million new shares in CR Gas. The net proceeds of the top-up subscription are approximately HK$3.67 billion (US$470.5 million) and will be used to acquire downstream city gas distribution businesses in the People’s Republic of China and for general working capital purposes.
CR Gas is the natural resources flagship under China Resources Group, having been listed on the Hong Kong Stock Exchange since 1994. It is engaged in the sale of natural and liquefied petroleum gas for residential, commercial and industrial use and in the supply of gas appliances and pipelines in the People’s Republic of China.