BEIJING, Dec. 23, 2010 /PRNewswire-Asia-FirstCall/ -- Sino Gas International Holdings, Inc. (OTC Bulletin Board: SGAS), (the "Company") announced today that it has entered into a Subscription Agreement (the "Subscription Agreement") on December 17, 2010 by and among the Company, Sino Gas Construction Limited, a wholly owned subsidiary of the Company incorporated in the British Virgin Islands (the "Sino Gas Construction"), and AMP Capital Asian Giants Infrastructure Fund ("AGIF"). In connection with the transaction described above, the Company entered into a Shareholders Agreement by and among the Company, the Sino Gas Construction and AGIF, under the terms of which the parties therein agreed to manage and control the Sino Gas Construction and its investment in Qujing City Fuel Gas Co., Limited ("Qujing Gas") in accordance with a certain business plan and pursuant to the terms of the Shareholders Agreement.
The objectives here are to facilitate the development and expansion of the business operated by Qujing Gas in accordance with the Business Plan, through the contribution of capital and management expertise; and to pursue gas distribution opportunities in other large and medium-sized cities in Yunnan Province.
According to Mr. Yu-Chuan Liu, the Chairman and CEO of the Company, "We are delighted that AMP Capital Asian Giants Infrastructure Fund has shown their confidence in our Company and its prospects for investment. AGIF has recognized the accelerating growth potential offered by China, its rapid need for infrastructure, and its need for reliable and successful natural gas service provider. "
Mr. Phil Garling, AMP Capital Global Head of Infrastructure and Director of AGIF, added, "We believe that the China natural gas energy space represents an important investment opportunity to our investors. Our investment in Sino Gas represents an early-entry strategy in a high-growth sector. This investment positions AGIF to participate in future opportunities in the gas sector in Yunnan."
About Sino Gas International Holdings, Inc.
The Company, through its indirectly wholly-owned subsidiary, Beijing Zhong Ran Wei Ye Gas Co., Ltd. ("Beijing Gas"), and the subsidiaries of Beijing Gas, is a leading developer of natural gas distribution systems in small and medium size cities in China, as well as a distributor of natural gas to residential, commercial and industrial customers in China. The company owns and operates natural gas distribution systems in 35 small and medium size cities and serves approximately 167,750 residential and seven industrial customers. Facilities include approximately 1,040 kilometers of pipeline and delivery networks with a daily capacity of approximately 110,000 cubic meters of natural gas. The Company owns and operates natural gas distribution systems in Beijing, Hebei, Jilin, Jiangsu, Anhui and Yunnan Provinces. The Company's website is: http://www.sino-gas.com
About AMP Capital Asian Giants Infrastructure Fund
AMP Capital Asian Giants Infrastructure Fund (AGIF), was launched in 2009 with a geographical investment mandate focused on China and India. Recently, AGIF secured its first UK public authority pension fund client, which committed US$60 million to the Fund. AGIF's final close is expected to occur during the first quarter of 2011. The manager of AGIF, AMP Capital Investors, is a specialist investment manager with A$95 billion in funds under management as at 30 June 2010. AMP Capital is one of the most experienced global infrastructure managers with more than 20 years experience with direct and listed infrastructure investments in Asia, Europe, North America, Australia and New Zealand. AMP Capital Investors is a wholly owned subsidiary of AMP Limited. Established in 1849, AMP has 161 years of experience providing financial services, and is one of Australia's largest retail and corporate pension provider. www.ampcapital.com
Forward-Looking Safe Harbor Statement
Statements in this news release regarding future financial and operating results, potential applications of the Company's technology, opportunities for the Company, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements including: limited operating history, need for future capital and economic conditions generally. Additional information on potential factors that could affect results and other risks and uncertainties are detailed from time to time in the Company's periodic reports, including Forms 10-K, 10-Q, 8-K, and other forms filed with the Securities and Exchange Commission ("SEC"). These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties.
Investor Relations Contact:
Cooper Global Communications, LLC,
RedChip Companies, Inc.,
Tel: +1-800-733-2447 x118
SOURCE Sino Gas International Holdings, Inc.