China Natural Gas closes Nasdaq offering

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    China Natural Gas has completed its public offering on the Nasdaq global market, raising US$50 million through the issuance of 5.73 million shares at US$8.75…

    China Natural Gas has completed its public offering on the Nasdaq global market, raising US$50 million through the issuance of 5.73 million shares at US$8.75 per share. The offering makes China Natural Gas the first China-based natural gas company to be publicly traded in the US.

    The company says it will use the net proceeds (around US$47.34 million) to set up a joint venture with China National Petroleum Corporation Kunlun Natural Gas as well as construct a liquefied natural gas facility, acquire eight fuelling stations and buy eight gas transport trucks.

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