Santos (ASX:STO) set to see their largest shareholder sell some of their stake

Company News

by Rachael Jones

Santos (ASX:STO) has been advised by China’s ENN Group that it has sold approximately 107.1 million shares representing a 5.14 per cent interest in Santos at $7.33 per share.

ENN is excited to remain Santos’ largest individual shareholder with a 9.97 per cent stake.

As a result of the reduced shareholding, the 2017 strategic relationship agreement with ENN regarding board representation and other matters is no longer effective.

Accordingly, the ENN-nominated director Eugene Shi will resign from the Santos Board following completion of the sale.

The sale process was oversubscribed and received strong support from existing and new institutional shareholders.

Shares in Santos (ASX:STO) are trading 1.8 per cent lower at $7.62.