ENN Energy Holdings Ltd has received an offer to take it private from Xinneng (Hong Kong) Energy Investment at HK$24.50 (RM13.98) per share, plus almost three shares of ENN Natural Gas, the parent company of Xinneng.
(March 26): ENN Energy Holdings Ltd, a Chinese gas distribution company listed in Hong Kong, received an offer to go private from another unit of its parent company.
ENN received the offer at HK$24.50 (RM13.98) per share, plus almost three shares of ENN Natural Gas, an affiliated firm, according to a filing. That’s equivalent to about HK$80 for each scheme share, representing a roughly 48% premium to its most recent closing price, according to the statement.
ENN Energy’s profit declined 12% to 5.99 billion yuan (RM3.66 billion) last year on low gas prices amid signs of weakening Chinese demand.
The privatisation offer comes from Xinneng (Hong Kong) Energy Investment, which already holds about 34% of ENN Energy. Xinneng is a unit of ENN Natural Gas, a key importer of liquefied natural gas.
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