China Resources Gas Sells $348 Mln of Shares to Fund Acquisitions

China Resources Gas Group Ltd said on Wednesday it would sell HK$2.7 billion ($348.38 million) worth of shares to fund the acquisitions of downstream city gas distribution businesses in China.

In a filing to the Hong Kong bourse, China Resources Gas said it would sell 160 million new shares to its controlling shareholder, CRH (Gas) Ltd, at HK$16.95 per share, or an 8.18 percent discount to the previous close.

Trading in the company shares will resume on Wednesday.

For statement clicks ($1 = 7.7502 Hong Kong dollars)

(Reuters, Edited by Topco)