China LNG Group to buy stake in Global Strategic

May 27, 2016 12:00 AM

China LNG Group on Friday said it agreed to purchase 19.89 percent share in Global Strategic, a commodity trading firm listed in Hong Kong.

Key Fit, a non-wholly-owned subsidiary of the China LNG, has entered into an agreement to buy 1,125 million shares in Global Strategic from its chairman Kan Che Kin for HK$39.375 million in cash.

Global Strategic is involved in the trading of commodities, IT business and supply of natural gas. Company’s commodity trading business started in December 2014. Its natural gas business mainly involves investments and construction of natural gas pipelines and the provision of the natural gas for the Zhijiang project.

China LNG, which is principally engaged in the development of the LNG businesses, trading of securities, properties investment and financial services, believes the acquisition will enable the company to diversify its existing investment portfolio. Involvement of Global Strategic in Zhijiang project will strengthen the China LNG’s existing principal business in the development of the LNG business.

Since 2014, the China LNG has entered into several negotiation and strategic cooperation agreements with local government, private and public companies in China with respect to promotion of LNG application and development of LNG business. Its LNG business mainly focuses on the Beijing, Tianjin, Hebei, the Yangtze River Delta and the Pearl River Delta regions and currently provides finance leasing to LNG vehicles and vessels in the market.

To complement the use of LNG vehicles, China LNG is looking for opportunities to collaborate with sizeable leading oil and gas operators to construct LNG refuelling stations to meet the LNG refuelling demand.

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