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    China's ENN Cuts Stake in Santos

Summary

Despite the sale, ENN is the largest shareholder in the Australian oil and gas explorer.

by: Shardul Sharma

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China's ENN Cuts Stake in Santos

Australian oil and gas explorer Santos on March 8 said that China's ENN Group has reduced its stake in the company.

ENN Group sold approximately 107.1mn shares representing a 5.14% interest in the company at A$7.33 (US$5.65)/share. Despite the sale, the Chinese company remains Santos' largest shareholder with 9.97% ownership.

ENN has advised Santos that it remains fully supportive of Santos' strategy and future direction and is excited to remain Santos' largest individual shareholder,” Santos said.

As a result of the reduced shareholding, Santos' 2017 strategic relationship agreement with ENN regarding board representation and other matters is no longer effective. Accordingly, the ENN-nominated director Eugene Shi will resign from the Santos board following the completion of the sale, the company said.