Towngas China Co (HK:1083) has released an update.
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Towngas China Co. has entered into a merger agreement where Shandong Jihua will merge into Shandong Towngas, realigning ownership stakes and aiming to strengthen their position in Jinan City’s gas supply market under the ‘One City, One Enterprise’ reform. The merger, which hinges on shareholder approval, is a strategic move to expand operational scope and market share, and is subject to various regulatory notifications, including the need for independent shareholder approval. Further details will be provided to shareholders in a circular by 31 October 2024.
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