Shareholders of China's MIE Holdings Corp. (MIE) approved Monday the $220 million cash sale of its entire issued share capital and loans of Asia Gas & Energy Ltd., the holder of MIE's 51 percent stake in a joint venture Sino Gas Energy Ltd. (SGE), to China New Energy Mining Ltd. (CNEML).
SGE is the operator of Linxing and Sanjiaobei Production Sharing Contracts (PSCs) in the Ordos Basin, Shanxi province, China. Australia's Sino Gas & Energy Holdings Ltd. is the other partner in SGE, holding 49 percent interest. SGE owns 64.75 percent stake in the Linxing PSC, partnering China United Coalbed Methane (CUCBM) and CBM Energy, while PetroChina Coalbed Methane (PCCBM) hold 51 percent interest in Sanjiaobei PSC.
Sino Gas & Energy Holdings noted that completion of the deal is subject to conditions agreed between the relevant parties.
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