China Gas Industry Investment Holdings Co. Ltd. (CGII HLDGS) signed three deeds of assignment on 15 April 2026, transferring the full interests and ancillary benefits of three overdue loans to controlling shareholder Tangde Gas Co., Limited for RMB118.00 million.
The loans, advanced in late 2020 to three independent Hong Kong borrowers and overdue since 30 December 2020, had been fully provided for in CGII HLDGS’s 2020 accounts. Accrued interest of approximately RMB12.59 million (HK$14.27 million) will also be assigned, while the consideration equals the aggregate principal amounts—RMB50.00 million, RMB53.52 million and RMB14.48 million, respectively.
Upon completion, the cash proceeds of RMB118.00 million (HK$133.81 million) will lift the group’s net assets and strengthen liquidity; approximately RMB117.00 million is earmarked for general working capital. The amount received will be recorded under other reserves in the consolidated statements.
The transaction qualifies as both a discloseable transaction (percentage ratios >5% but <25%) and a connected transaction under Hong Kong Listing Rules after Tangde Gas acquired a 39.01% stake in CGII HLDGS on 10 February 2026. Consequently, the deeds require approval by independent shareholders at an extraordinary general meeting scheduled for 27 May 2026.
An Independent Board Committee comprising all independent non-executive directors will evaluate the deal, with Nuada Limited acting as independent financial adviser. Tangde Gas and its associates will abstain from voting at the EGM. Completion is conditional on regulatory clearances and shareholder approval and is expected within seven days after these conditions are met.
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