Towngas bids for Beijing stake

Hong Kong and China Gas, Hong Kong's largest gas provider, has submitted a bid for a minority stake, worth possibly as much as US$1bn, in Beijing Gas Group, according to the South China Morning Post. Hong Kong and China Gas, known locally as Towngas, is among several companies to have submitted bids for a stake in Beijing's largest gas supplier. While the actual size of the stake has not been revealed, Beijing Gas is expected to announce the winning bidder in the first half of 2005, the paper reported.