ENN Group has announced the proposed acquisition of Hony Capital’s 11.7% shareholding in Santos, subject to certain conditions, including the ENN Group’s shareholder approval. As part of the transaction Hony Capital will become a strategic investor in the ENN Group through a private placement.
The ENN Group is a private distributor of gas into the growing Chinese market and a known industry player in Australia.
Following a request from Hony Capital, Santos has provided consent to the transfer to the ENN Group under the terms of the subscription agreement entered into at the time of Santos’ capital raising in 2015. If the transaction completes, those shares will continue to be escrowed until 9 November 2016 subject to certain exceptions.
A copy of the ENN Group’s announcement is attached, which includes details of the proposed transaction and the ENN Group.
Edited from press release by Angharad Lock
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