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Fortune Oil announces regulatory approval for FGIH transaction


Published Aug 13, 2013
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Fortune Oil

On 17 December 2012 the Company announced that it and Wilmar International Limited, the 15% shareholder of Fortune Gas Investment Holdings Limited (FGIH), had entered into a conditional contract to sell their entire interest in FGIH to China Gas Holdings Limited. Completion of the transaction (the "FGIH Transaction") was subject to certain conditions, including regulatory approval from MOFCOM (the anti-monopoly bureau of the Ministry of Commerce of the People's Republic of China), being satisfied by 30 June 2013 (or such later date as agreed in writing) (the "Long Stop Date"). Given additional time was required for the fulfilment of the MOFCOM regulatory approval condition, the Company, Wilmar International Limited and China Gas Holdings Limited entered into a supplementary agreement on 27 June 2013 in order to extend the Long Stop Date to 30 September 2013.

China Gas Holdings Limited informed the Company that the MOFCOM regulatory approval had been obtained. It is anticipated that completion of the FGIH Transaction will occur after all of the normal handover procedures have been completed.

Tags: Fortune Oil




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