Santos Limited
(ASX:STO) has given the seal of approval for ENN Group to acquire Hony Capital’s 11.7 percent shareholding in Santos.
The acquisition is subject to certain conditions, including the ENN Group’s shareholder approval. The ENN Group is a private distributor of gas into the Chinese market.
In a release to shareholders Santos said it has provided consent to the transfer and welcomes the ENN Group onto the register as a shareholder, citing the company’s obvious knowledge of the gas business across the region.
Once completed ENN Group will become the largest shareholder in Santos.
Santos recorded a net loss of $2.7 billion at 31 December 2015.
