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HONG KONG, Oct 18, 2011 - (ACN Newswire) - Tianjin Tianlian Public Utilities Company Limited ("Tianlian" / "the Company") (SEHK code: 8290) announces that the Company transfers its listing from the Growth Enterprise Market ("GEM") to the Main Board of the Stock Exchange of Hong Kong Limited ("HKEx"). The entire 500,060,000 H Shares in issue will be traded on the Main Board. The last day of dealings in the H Shares on GEM was 17 October 2011. Dealings in the H Shares on the Main Board commence under the new stock code "01265" at 9:00a.m. on 18 October 2011.
Board Chairman of Tianlian and Chairman of Tianjin Gas, Mr. Jin Jianping said, "Transfer of listing from GEM to the Main Board of HKEx is an important milestone for the Company. It not only enhances our corporate image and improves the trading liquidity of Shares, but also benefits the financing flexibility of the Company that prepare for its future growth and business development. The 12th Five Year Plan of National Economy expands the supply of natural gas for 10 times and the Company will continue to benefit from the development of Binhai New District in Tianjin City. Looking ahead, we will endeavour to expand our business scale through the parent company Tianjin Gas and capture the growth potential of natural gas, and hence bring better returns to our shareholders."
With around 50 years' history, Tianjin Gas Group Company Limited ("Tianjin Gas"), a State-owned enterprise owned by Tianjin Municipal Government, is the largest natural gas supplier in Tianjin City. Its supply gas covers 18 districts and counties in Tianjin City with over 95% of market share. As at 4 October 2011, Tianjin Gas held 943,517,487 Domestic Shares, representing approximately 51.3% stake in the Company, and was a controlling shareholder of the Company. Tianjin Gas has successfully injected its natural gas-related operational assets worthed RMB7,190,000, RMB89,510,000 and RMB620,000,000 into Tianlian in 2006, 2008 and 2009 respectively.
Currently, Tianlian has 454,000 users, including 450,000 residential users and 3,385 commercial users, while Tianjin Gas has 1,900,000 users, including 1,890,000 residential users and 12,000 commercial users. The gas pipe of Tianlian and Tianjin Gas are 1,834 kilometers and 9,000 kilometers respectively.
The Company has been listed on GEM since 9 January 2004 and is principally engaged in the sales of piped gas and provision of gas connection services in five districts and counties in Tianjin City and Jining in Inner Mongolia, the PRC. For the year ended 31 December 2010, the revenue of Tianlian was approximately RMB383,631,000, representing an increase of 20.64% compared to the corresponding period of last year, and net profit grew by 15.58% to approximately RMB76,707,000 (2009: RMB66,367,000). For the six months ended 30 June 2011, the Company recorded a revenue of approximately RMB337,830,000, registering an increase of 103.84% as compared with the first half year of 2010, while its net profit increased by 23.91% to approximately RMB33,110,000.
Contact:
JOVIAN Financial Communications Ltd
Angel Yeung / Sylvia Lin
Tel: +852 2581 0168
Fax: +852 2854 2012
Email: angel@joviancomm.com
Email: sylvia.lin@joviancomm.com
Topic: New Listing on Exchange
Source: Tianjin Tianlian Public Utlities
Sectors: Daily Finance, Energy, Alternatives
https://www.acnnewswire.com
From the Asia Corporate News Network
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