China Huanqiu Contracting and Engineering Corp. (HQC) has sold 43.25 million of its shares in Liquefied Natural Gas Ltd (LNG Ltd).
HQC will continue to hold 10 million shares, but will no longer be a substantial shareholder, according to a statement released on LNG Ltd’s website. The shares have been placed with US and Australian institutional investors including Third Point LLC.
The statement also confirmed that Zhang Gaowu (Gavin) has resigned as a Non Executive Director, and Madam Yao Guihua (Grace) has resigned as an Executive and Joint CEO, although the Board has asked Grace to continue as a Non Executive Director to advise and assist LNG Ltd with its plans on gas supply for the Fisherman’s Landing Gladstone LNG Project.
LNG Ltd Chairman, Richard Beresford, said: “The Board is now accelerating the selection of a US based Non Executive Director. With the significant progress on the Company’s wholly owned Magnolia LNG project in the US, the Board considers that this appointment will greatly assist in positioning Magnolia LNG in the top ten US LNG export projects to start construction.”
Adapted from press release by Callum O'Reilly