MIE Gets Shareholder Approval to Sell China CBM Subsidiary

MIE Holdings Corporation on Monday said it has got shareholder approval to sell its subsidiary Asia Gas & Energy Ltd.

China New Energy Mining Limited in April bought entire stake of MIE Holdings in two coal bed methane (CBM) assets in China for $220 million. MIE agreed to sell its subsidiary Asia Gas & Energy Ltd. which owns 51 percent equity in Sino Gas & Energy Ltd., which in turn has a 64.75 percent and 49 percent interest in the Linxing and Sanjiaobei production sharing contracts (PSCs) with China United Coal Bed Methane Corp. and China National Petroleum Corp, respectively.

“As a majority of the votes were cast in favour of the resolution, the resolution was duly passed as ordinary resolution,” MIE said.

China New Energy Mining Limited is a private company incorporated under the laws of Hong Kong with a focus on the exploration, development and production of oil and gas fields.

Earlier this year MIE sold a 60 per cent stake in oil-producing assets in Kazakhstan to Malaysia-listed oil and gas investment firm Reach Energy for $154.9 million.