Pengxi Panva Gas

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Panva Gas, through its wholly owned subsidiary, Pan River Investments Company, acquired a 90% interest in the state-owned Sichuan Pengxi Natural Gas company for a total of $1.4 million. Pengxi Panva had exclusive rights to develop and operate gas pipelines for a period of 50 years in the Pengxi county of Sichuan Province. The project involved 20 km of long range pipelines and more than 30 km of city pipelines. Following the acquisition, Panva Gas extensively restructured the operation of this formally state-owned enterprise. It had been renamed as Pengxi Panva and had adopted the Panva brand service and management system. The registered capital for the project company was US$ 0.43 million (RMB 3.59 million). Panva Gas was a company listed on Growth Enterprise Market Board of the Stock Exchange of Hong Kong Limited. It was principally engaged in the sale and distribution of natural gas and liquefied petroleum gas and construction of gas pipeline in the PRC. As for July 2005, its main shareholder was Enerchina Holidngs Limited (60.57%), which was a subsidiary of Sinolink Worldwide Holdings Ltd (64.33%). Sinolink Worldwide Holdings Ltd. was a company incorporated in Bermuda and 50.83% controlled by Mr. Ouyaping (the Chairman of both Enerchina and Panva Gas). The rest of the shareholder structure for Panva Gas was: public and other shareholders (38.89%), Asia Pacific Promotion Ltd. (0.54%). Aisa Pacif Promotion Ltd., a private company incorporated in the British Virgin Islands which was wholly-owned by Mr. Ouyangping. None None