[Infostock Daily= Reporter Song Jeong-hoon] LNG energy company SK E & S has secured about 1.8 trillion won in funds by selling all of its stakes in China's private gas companies due to concerns over deteriorating financial structure.
SK E&S announced on the 17th that it sold 10.25 percent (535.03 million shares) of China Gas Holdings in a time-out mass trading method on the Hong Kong Stock Exchange.
The sale price is 1.814 trillion won, a 11.1% discount at the closing price of the contract.
“It is time to improve our financial structure and prepare for the blow to LNG sales due to falling oil prices,” said an SK E&S official.
International credit rating agency Standard & Poor's warned in a report last month that SK E & S's investment in Australian LNG projects will intensify financial indicators such as capital spending and borrowing growth.
Recently, energy companies are worried about deteriorating financial indicators as energy demand has plummeted and profitability has fallen due to the new coronavirus infection (Corona 19 or COVID-19).
Reorter Song Jeong-hoon boxr@infostock.co.kr
