December Rated Baa1 and BBB+ by Moody’s and Fitch
International Credit agencies Moody’s and Fitch assigned investment grade ratings of Baa1 and BBB+ respectively to the Company.
November Entered into a Joint Venture Agreement with Ningbo Urban Construction Planning and Investment Holding Company Limited and Ningbo Xingguang Gas Group Company
Entered into a joint venture agreement with Ningbo Urban Construction Planning and Investment Holding Company Limited and Ningbo Xingguang Gas Group Company to operate city gas business in Ningbo City. The proposed joint venture will be 49% owned by the Group.
Entered into a Joint Venture Agreement with Tianjin Gas Group Company Limited
Entered into a joint venture agreement with Tianjin Gas Group Company Limited to operate city gas distribution business in Tianjin Municipality. The proposed registered capital is RMB5 billion (equivalent to approximately HK$6.16 billion), of which 49% will be contributed in cash by the Group.
October Increased interest in Nanjing Jiangning China Resources Gas Co., Ltd., from 49% to 70%
Increased the Company’s interest in the joint venture, Nanjing Jiangning China Resources Gas Co., Ltd., from 49% to 70%, which will contribute more revenue and earnings to the Company in future.
Included as a Constituent Stock of MSCI China Index
Included as a constituent stock of Morgan Stanley China Index, MSCI. The inclusion will enhance the visibility of the Company among the global investment community.
Announced the Proposal for Privatization of Zhengzhou China Resources Gas Company Limited
Announced the proposal for privatisation and a voluntary conditional offer made for all the issued shares of Zhengzhou China Resources Gas Company Limited (“Zhengzhou CR Gas”). The proposal was approved by independent shareholders of Zhengzhou CR Gas and Zhengzhou CR Gas was delisted in February 2012 with the Group obtained 96.08% interest therein.
August Announced 2011 Interim Results
Reported a turnover of HK$5.511 million for the six months ended 30 June 2011, representing 101 per cent increase from that of the previous corresponding period. The upsurge was mainly attributable to increase in gas sales volume and connection fee income. Profit attributable to equity holders increased by 82 per cent from that of the corresponding period to 555 million.
July HK$800 Million Term Loan Facility
Signed a HK$800 million 5 year term loan facility for funding the expanding plan of the Group.
March Acquisition of 7 projects from CRH
Acquired the fourth batch of 7 city gas projects from CRH for a consideration of HK$1,710 million, which was satisfied by the issue of 161,174,785 shares.
Acquisition of additional 5% interest in Zibo China Resources Gas Co., Ltd
Acquired additional 5% interest in Zibo China Resources Gas Co., Ltd, a city gas joint venture project in Shandong Province. The acquisition will enable the Group to obtain controlling interests, thereby contributing more revenue and earnings.
Setting Up of Three Regional Pipeline Design & Construction Centres
3 Regional Pipeline Design & Construction Centres were set up in Nanjing, Chengdu and Zhengzhou to be responsible for pipeline design & construction work in the Eastern, South Western and Central regions of China. This eliminates the duplication of such activities in each city gas project and will result in greater cost efficiency and uniformity in construction of pipeline infrastructure.
February Establishment of Ten Regional Centres
Ten Regional Centres were established in Shenzhen, Fuzhou, Shanghai, Nanjing, Jinan, Chengdu, Kunming, Zhengzhou, Wuhan and Shenyang. Day to day operational management responsibility was decentralised to these regional centres, each of which is responsible for its respective region or province. Operational efficiency is expected to greatly improve going forward.
Announced 2010 Annual Results
Reported a profit attributable to equity holders of HK$734 million for the year ended 31 December 2010. Basic earnings per share amounted to 51 HK cents per share. Turnover was HK$8,327 million, representing 122% increase from HK$3,747 million in 2009.
Acquisition of Hong Kong Flemming Limited
Acquired 100% of Flemming Limited, which is principally engaged in the city gas distribution operation at 7 cities in Shandong and Zhejiang Provinces in the PRC. The consideration was RMB350 million.
HK$800 Million Term Loan Facility
Signed a HK$800 million 5 year term loan facility for funding the expansion plan of the Group.