[For Immediate Release]
(Hong Kong, 9 October 2001) - Xinao Gas Holdings Limited ("Xinao Gas" or "The Group") (Stock Code: 8149), the non stated-owned gas distributor, today announced that it has successfully obtained approval from the Langfang City Price Bureau to increase the sales price for its piped natural gas. The Langfang City Price Bureau approved Xinao Gas' application to increase household gas usage charges in two stages. The first stage commenced on 1 October 2001 while the second stage will be completed in early 2002, at that time, the Group's gas sales price for households in Langfang City will increase by up to 25%. At the same time, the Langfang City Price Bureau also approved increases to Xinao Gas' commercial and industrial customer gas usage charges by up to 21% from 1 October 2001.
Between 1 October and 31 December, 2001, household gas usage charges will increase from RMB 1.2 per cubic metre to RMB 1.4 per cubic metre. From 1 January 2002, household gas charges will increase from RMB 1.4 per cubic metre to RMB 1.5 per cubic metre. This represents a total price increase of 25%. Similarly, from 1 October 2001, gas usage charges for commercial and industrial customers will increase from RMB 1.4 per cubic metre to RMB 1.7 per cubic metre, representing an increase of 21%.
Mr. Wang Yusuo, Chairman and Executive Director of Xinao Gas, said, "This is the first time the Group has applied for an increase in the gas price since the Group began its operations in the Langfang Economic and Technical Development Zone in 1993. I am delighted that the Group is able to obtain approval for the price increase from the Langfang City Price Bureau. The approval process lasted three months from submission of the application to granting of the approval, with the Government Pricing Supervisory Division investigating the application in accordance with the pricing regulations. The views of both the Group and users were heard and a pricing hearing was convened before the approvals were granted. The price increase is meaningful to the revenue growth of the Group. It also shows that both the Government and users recognize the value and quality of our services ."
Mr. Wang concluded, "The price increase will contribute to improved income for the Group. The Group will further enhance service quality, and provide superior services to customers."
ABOUT XINAO GAS HOLDINGS LIMITED
Xinao Gas is mainly engaged in the investment in, and the operation and management of, gas pipeline infrastructure and the sale and distribution of piped gas. The Group's other business activities include the sale of gas appliances and equipment, as well as the provision of repair and maintenance services. Currently, the Group's business has expanded from Langfang City in Hebei Province to Liaocheng, Zhucheng, Yantai Economic and Technical Development Zone, and Huangdao and Chengyang of Qingdao City which are located in Shandong Province, Miyun, Pinggu and Changping in Beijing Municipality and Huludao in Liaoning Province, a total of ten regions.
For press enquiries:
Strategic Financial Relations (China) Limited
Anita Cheung / Olive To / Anna Lam
Tel: 2864 4827 / 2864 4838 / 2864 4893
Fax: 2527 1271 / 2804 2789
Email: anita@strategic.com.hk / olive@strategic.com.hk / anna@strategic.com.hk
| © Copyright 1996-2024 irasia.com Ltd. All rights reserved. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |