Foshan Panva Gas Group

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In Nov 2004, Foshan Panva Gas Group was granted a 50 year exclusive concession to operate and expand Foshan city’s natural gas piped network. Foshan Panva Gas Group was created based on Foshan Gas, which was established in 1993 and was originally a department of the Foshan City Infrastructure Bureau. In 1999, Foshan Gas, was incorporated as an unlimited liability company and renamed Foshan Gas. In 2003, Foshan Gas, owned approximately 320 kilometers of gas pipelines supplying approximately 60,000 residential household customers, 23 industrial customers, and more than 400 commercial customers at a piped gas penetration rate of approximately 27%. Foshan Panva Gas Group was created as a joint venture among Panriver Investments Company (30%), Sinolink Power Investments Company (15%), state-owned Foshan Construction and Transportation Assets Management Company (31%), and Employee Holding Ltd (24%). Panriver paid US$ 6.07 million (RMB 50.28 million) for its share while Sinolink Power paid US$ 3.04 million (RMB 25.14 million). Both Panriver and Sinolink Power were wholly-owned subsidiaries of the Panva Gas Holdings. In total, Panva Gas Holding acquired an aggregate of 45% equity interest in Foshan Gas Company (Foshan Gas) from Foshan CTAm for US$ 9.11 million (RMB 75.4 million). 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. None None