Kunlun Energy (00135.HK) Announces Possible Asset Transfer by Affiliate CCNG to Shengli Share (000407)

Bulletin Express

Oct 30

Kunlun Energy (00135.HK) has been notified by China City Natural Gas Investment Group Co., Ltd. (CCNG) of a letter of intent with Shandong Shengli Co., Ltd. (Shengli Share, 000407). Under the non-binding proposal, CCNG may transfer 51% equity interest in Nantong Oil & Gas Co., Ltd. and 40% equity interest in Qinghai China Oil Ganhe Industrial Park Gas Co., Ltd. to Shengli Share. The proposed consideration would comprise both share issuance and cash, though formal terms remain under negotiation.

CCNG is owned 49% by Kunlun Energy and 51% by China Oil and Gas Group Limited (00603.HK). Its principal business is investment holding and gas operations. Shengli Share is listed on the Shenzhen Stock Exchange. Nantong Oil & Gas Co., Ltd. and Qinghai China Oil Ganhe Industrial Park Gas Co., Ltd. specialize in natural gas sales and gas pipeline construction. The signatories have not executed any binding agreement, and the proposed transaction may or may not proceed.

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