China's ENN further pares stake in Santos
Australian oil and LNG producer Santos on September 12 said that Chinese private energy company ENN has further pared its stake in the company.
“Santos notes media speculation today regarding a potential selldown by ENN of a 9.97% stake in Santos,” the company said.
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“ENN lodged a notice of ceasing to be a substantial shareholder in Santos with ASX [Australian Securities Exchange] on 22 April 2022, disclosing that their shareholding had dropped below 5%,” Santos added.
ENN had in March last year sold approximately 107.1mn shares representing a 5.14% interest in Santos. Despite the sale, the Chinese company remained Santos' largest shareholder with 9.97% ownership. However, as a result of the reduced shareholding, Santos' 2017 strategic relationship agreement with ENN regarding board representation and other matters was no longer effective.
Post the acquisition of Oil Search late last year, Santos is now a much bigger entity and among the world’s top 20 oil and gas companies.