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IDG Energy Investment invests in Liquefied Natural Gas Limited An ASX listco which holds a fully permitted US greenfield liquefaction project(June 04, 2018)
For Immediate Release June 4, 2018
IDG ENERGY INVESTMENT GROUP LIMITED
(Stock code: 650.HK)
IDG Energy Investment invests in Liquefied Natural Gas Limited
An ASX listco which holds a fully permitted US greenfield liquefaction project
(June 4, 2018 - Hong Kong) IDG Energy Investment Group Limited ("IDG Energy Investment" or the "Company", stock code: 650.HK) is pleased to announce that it has entered into a share subscription agreement with Liquefied Natural Gas Limited ("LNGL", ASX Code: LNG and OTC ADR: LNGLY) with a total consideration of A$28.2 million (approximately HK$166.8 million). Upon completion of the subscription agreement, the Company will hold 9.9% of equity interest and be the second largest shareholder of LNGL.
The subscription monies will principally be used in support of LNGL's ongoing liquefied natural gas (LNG) offtake marketing efforts, focusing on Magnolia LNG project. The completion of the transaction is not conditional on any Australian or foreign government approvals.
Mr. LIU Zhihai, President of IDG Energy Investment, commented: "We are excited to announce our investment in and support for LNGL and its Magnolia LNG project, which we see as one of the best positioned U.S. liquefaction projects to deliver needed LNG exports to Asia. IDG Energy Investment is particularly bullish on the long-term outlook for U.S. LNG into China, and this transaction represents an important component for our core investment strategy along LNG value chain. We believe that it will bring long-term benefits for our shareholders."
Mr. Greg VESEY, LNGL's Managing Director and CEO, "With the endorsement from IDG Energy Investment, a renowned investment company focused on energy assets, we are confident that this strategic relationship will provide LNGL with additional opportunities to market LNG volumes in Asia, given the portfolio of infrastructure investments of IDG Energy Investment and IDG Capital, including re-gasification interests."
About IDG Energy Investment (Stock Code: 650.HK)
IDG Energy Investment is affiliated with IDG Capital, a global leading private equity investment firm with its assets under management approximately US$ 20 billion. The Company's second largest shareholder, Foxconn, is the world's largest electronic products manufacturer and a Global Fortune 500 company ranking 27th in 2017.
With strong supports from its shareholders, mature investment strategies, sophisticated cross-border transaction capabilities and in-depth knowledge on global energy market, IDG Energy Investment is best positioned to grasp the industry momentum brought by China's energy structural reform and the dynamic changes of the global natural gas market, and is committed to becoming the best cross-border energy asset investment manager of the region.
For further information, please refer to IDG Energy Investment's website:
For further information about LNGL, please visit the website: www.LNGLimited.com.au
This press release is issued by Financial PR (HK) Limited on behalf of IDG Energy Investment Group Limited. For further information, please contact:
IDG Energy Investment
Ms. Lydia Zhong Email: firstname.lastname@example.org
Tel: (852) 3903 1325
Financial PR (HK) Limited
Document title: IDG Energy Investment invests in Liquefied Natural Gas Limited An ASX listco which holds a fully permitted US greenfield liquefaction project