Wilmar sells off 15% interest in Fortune Gas Investment Holdings

Cash consideration is worth US$60m.

According to a release, Wilmar International announced that it has conditionally agreed to sell all of its 15% interest in Fortune Gas Investment Holdings Limited to China Natural Gas Investment Limited, a wholly-owned subsidiary of China Gas Holdings Limited, a company listed on the Hong Kong Stock Exchange, for an aggregate consideration of USD60 million.

This is subject to the terms and conditions of the Share Purchase Agreement relating to the sale and purchase of FGIH, entered into on 16th December 2012 between Fortune Oil PRC Holdings Limited and Wilmar International Limited as Sellers, China Natural Gas Investment Limited as Purchaser, Fortune Oil PLC.

Fortune Oil is a company listed on the London Stock Exchange, as Guarantor of Fortune Oil PRC Holdings Limited's obligations under the Agreement and China Gas as Guarantor of China Natural Gas Investment Limited's obligations under the Agreement. A summary of the Proposed Disposal and key terms of the Agreement are set out in the attached announcements by Fortune Oil and China Gas.

Wilmar purchased its 15% interest in FGIH in 2008 for USD36 million consideration.

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