Changchun Gas Holding Ltd

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In February 2005, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, acquired 48% stake in Changchun Gas Holding Ltd for US$45.81 million (RMB 379.2 million) from Changchun Municipality state-owned Assets Administrative Bureau. An additional 2% in Changchun Gas Holding Ltd was sold to Shenzhen Huafy Energy Investment Company for US$1.91 million (RMB 15.8 million). The remaining 50% was owned by Changchun Municipality state-owned Assets Administrative Bureau. Changchun Gas Holding Ltd owned Shanghai-listing A share Changchun Gas Company Ltd. Both companies involved in building and operating natural gas pipeline network in Changchun city, the capital of Jilin Province. Changchun city had 20,571 squared kilometers and 7.18 million inhabitants. Changchun Gas Holding Ltd was granted a operation life of 30 years since the ownership transaction took place. Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.