Sino Gas-JV Partner EGM approves disposal of interest in SGE
Sino Gas & Energy Holdings (ASX:SEH) notes that MIE Holdings has received shareholder approval for the sale of its 51% stake in Sino Gas & Energy (SGE) to China New Energy Mining Limited for US$220 million. Completion is expected to occur shortly.
Sino Gas & Energy Holdings Limited (ASX: SEH, "Sino Gas" or the "Company") notes the announcement made by its current Joint Venture partner, MIE Holdings Corporation ("MIE", HKSE Ticker 1555) to the Hong Kong Stock Exchange on 20 June 2016 regarding shareholder approval to sell the entire issued share capital and loans of Asia Gas & Energy Ltd, the holder of MIE's 51% interest in the Joint Venture subsidiary, Sino Gas Energy Limited (the "Joint Venture" or "SGE").
At the Extraordinary General Meeting (“EGM”) held in Hong Kong yesterday, 20 June 2016, MIE shareholders voted in favour of selling its entire issued capital and loans of Asia Gas & Energy Ltd to China New Energy Mining Limited ("CNEML") for US$220 million in cash (plus a working capital adjustment).
As per the MIE circular dated 26 May 2016, completion of the deal is conditional upon the following conditions being satisfied or waived:
1) Satisfaction of all requirements under the Listing Rules, including obtaining Shareholder approval;
2) The charge of Sale Shares in favour of an independent third party has been released; and
3) No material adverse event.