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- ENN Group has sold approximately 107.1 million of its shares in Australian energy producer Santos (STO) but still remains the company’s largest individual shareholder
- The 107.1 million shares represents a 5.14 per cent interest in Santos, at $7.33 per share
- Despite the sale, ENN Group still holds a 9.97 per cent stake in Santos
- ENN-nominated director Eugene Shi will also resign from the Santos Board following the completion of the sale
- Santos is down 1.42 per cent, trading at $7.65
ENN Group has sold approximately 107.1 million of its shares in Australian energy producer Santos (STO) but still remains the company’s largest individual shareholder.
The 107.1 million shares represents a 5.14 per cent interest in Santos, at $7.33 per share. Despite the sale, ENN remains Santos’ largest individual shareholder, with a 9.97 per cent stake in the company.
The sale process was oversubscribed and received strong support from existing and new institutional shareholders.
Santos first announced a strategic relationship with Chinese energy company ENN Group in June 2017 to support future investment.
Despite the sell-off, ENN told Santos it remains fully supportive of the company’s strategy and future direction.
As a result of the reduced shareholding, the strategic relationship agreement with ENN regarding board representation is no longer effective.
As a result, ENN-nominated director Eugene Shi will resign from the Santos Board following the completion of the sale.
Santos is down 1.42 per cent on the back of this news, trading at $7.65 at 11:40 am AEDT.