Financial Wire

China Gas Industry Investment to Transfer Loans Worth 118 Million Yuan to Controlling Shareholder

-- China Gas Industry Investment (HKG:1940) agreed to assign three loans totaling 118 million yuan to its controlling shareholder, according to a Wednesday Hong Kong bourse filing.

Shares of the gas company were down nearly 2% in late-morning trade on Thursday.

The loans, along with accrued interest, will be transferred to Tangde Gas for a consideration equal to the outstanding principal.

The receivables, extended in 2020, have been overdue since maturity and were fully provided for in the company's accounts.

The transaction will generate cash proceeds and support the group's financial position, with net proceeds to be used for general working capital.

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