OREANDA-NEWS. December 30, 2011. Fortune Oil acquired 94 million shares, or a 2.15 percent stake, in China Gas Holdings (0384.HK), reports sina.com, citing The Wall Street Journal.

 Korea's SK E&S had spent a total of HKD 20 million to buy shares of China Gas Holdings on two occasions before Christmas Day. The price paid was reported to be higher than the price of HKD 3.5 per share that Sinopec (600028, 0386.HK) and ENN Energy Holdings (2688.HK) are offering for China Gas.

 A spokesman of SK E&S said the share purchases were based on economic considerations and that China Gas was undervalued at HKD 3.5 per share.

 The spokesman added that the share purchase had nothing to do with its parent, SK Holdings.

 SK E&S had bought 5.5 million shares on December 23 at between HKD 3.52 and HKD 3.56 per share, bringing the total shareholding to 244 million shares, or a 5.59 percent stake.

 Following the takeover offer made by Sinopec and ENN Energy Holdings, SK E&S had purchased a total of HKD 60 million worth of shares.

 SK E&S and its affiliates possessed a total of a 10.6 percent stake in China Gas that is worth about HKD 1.4 billion yuan based on yesterday's closing price.

 According to estimates by a brokerage, the average cost of the shareholdings of several major shareholders was about HKD 1 per share, while that of SK E&S was about HKD 3.2 per share.