China Gas has Enough Cash on Hand to Buy Fortune Oil

Bloomberg reported that China Gas Holdings says that is has enough cash to fund their purchase of Fortune Oil, and are actively seeking other acquisitions.

As quoted in the market report:

China Gas, which supplies natural gas to 172 Chinese cities, holds more than HK$5 billion ($645 million) in cash and won’t have to sell shares or debt, Chief Financial Officer Eric Leung said yesterday in an interview. Fortune Oil will receive $200 million in cash and either a $200 million deferred payment or 250 million shares of China Gas, the Hong Kong-based company said yesterday in a statement.

To view the whole Bloomberg report, click here.