Gulf Oil and Gas accountACCOUNT

Transfer Deal Between Guangxi International and CNPC

Source: www.gulfoilandgas.com 12/31/2010, Location: Asia

The Board is pleased to announce that PetroChina Guangxi International Enterprises Limited (Guangxi International), a wholly-owned subsidiary of the Company, has entered into the Equity Transfer Agreement with CNPC in respect of equity interests in PetroChina Guangxi Oil Storage Limited (the "Target Company"). Under the Equity Transfer Agreement, Guangxi International will transfer 100% equity interests in the Target Company to CNPC. At completion of the Equity Transfer, CNPC will pay RMB2,113,309,200 (approximately HK$2,457,336,300) to Guangxi International as consideration, which represents the net asset value of the Target Company as at the Valuation Date. The consideration is based on the net asset value of the Target Company according to the appraisal by China Tong Cheng Assets Appraisal Co., Ltd using 31 July 2010 as the reference date of valuation, and will be adjusted by any gain/loss to the net assets of the Target Company between the Valuation Date and the Completion Date.

CNPC is the controlling shareholder of the Company. Guangxi International is a wholly-owned subsidiary of the Company. Pursuant to the Listing Rules, CNPC is a connected person of the Company, and the Equity Transfer constitutes a connected transaction of the Company.

Since the applicable percentage ratio for the Equity Transfer is more than 0.1% but less than 5% for the Group, the Company is only subject to the reporting and announcement requirement and is exempt from the independent shareholders' approval requirement under the Listing Rules. The Equity Transfer has been approved at the eleventh meeting of the fourth session of the Board.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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