HKCG Posts Solid Fiscal 2018 Result; No Impact on Strategy Expected From Change of Chairmanship
Hong Kong and China Gas’s solid fiscal 2018 result also saw Dr Lee Shau Kee announcing his intention to step down as chairman of the company, handing the reins to his sons, Dr Lee Ka-kit and Lee Ka-shing, as joint chairmen. This was expected and the transition was imminent given the age of Dr Lee Shau Kee, in our view, and we do not expect operations to be significantly affected at Towngas or China Towngas. Continuity will likely result in existing management staying on, with the overall strateg...Hong Kong & China Gas is engaged in the production, distribution and marketing of gas, water supply and energy businesses in Hong Kong and the People's Republic of China (the PRC). Co. is also engaged in property development and investment activities in Hong Kong. As of Dec 31 2014, Co. had 202 projects on the mainland, spread across 24 provinces, autonomous regions and municipalities. These projects encompass upstream, midstream and downstream natural gas sectors, water sectors, energy applications, energy resources' exploration and utilisation, as well as telecommunications. Inclusive of Towngas China, Co. had a total of 127 city-gas projects, serving around 18.98 million customers.
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