Ziyang Panva Gas Company

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Panva Gas acquired a 90% interest in the state-owned Ziyang Gas Company in the city of Ziyang, Sichuan Province for total of $1.8m. The Company has exclusive rights for the provision of natural gas to the city, as well as for the construction, maintenance, ownership and operation of the city pipeline network for a period of 50 years. Total length of pipeline under construction is 328 km. 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.

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