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Santos in $785m share selloff

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A Chinese energy company has offloaded more than $785 million worth of Santos shares but says it remains committed to the South Australian oil and gas giant and plans to remain its largest individual shareholder.

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Santos told the ASX yesterday that ENN Group – one of China’s largest private companies – had sold approximately 107.1 million shares representing a 5.14 per cent interest in Santos at $7.33 per share.

“ENN has advised Santos that it remains fully supportive of Santos’ strategy and future direction and is excited to remain Santos’ largest individual shareholder with a 9.97 per cent stake,” the Santos statement said.

The sale process was oversubscribed and received strong support from existing and new institutional shareholders.

As a result of the reduced shareholding, the 2017 strategic relationship agreement with ENN regarding board representation and other matters is no longer effective.

ENN-nominated director Eugene Shi will resign from the Santos Board following completion of the sale.

Santos shares fell $0.21 yesterday to $7.55 following the announcement.

-AAP

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