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In July, the Company entered into an agreement to establish a 100% equity interest city piped-gas project in the Jinhai Economic Zone in Shenyang, Liaoning Province with an initial registered capital of approximately HK$62 million for an exclusive operating period of 30 years.
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The group pleased to announce the acquisition through tendering of a piped city-gas project (the Project Company) in Huangshan city, Anhui Province in May 2008. The registered share capital of the Project Company is RMB 40 million. Towngas China holds 100% equity interests of the Project Company with an operating period of 30 years. During the operating period, the Project Company has an exclusive operating right in the Tunxi District within the city of Huangshan, which includes the Huangshan Economic Development Zone.
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On 28 April, the ratings agency Moody’s Investor Service upgraded the Company’s senior unsecured bond rating to “Baa3” and also assigned a “Baa3” issuer rating to the Company. The outlook for the ratings is stable. The upgrades reflect the Company’s stronger financial and operational outlook.
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