Santos (ASX:STO) today confirmed that China’s ENN has ceased to be a substantial shareholder in the Australian-listed oil and gas producer.
“ENN lodged a notice of ceasing to be a substantial shareholder in Santos with ASX on 22 April 2022, disclosing that their shareholding had dropped below 5%,” Santos said in a statement today.
Energy Voice previously reported ENN’s move to pull the plug on its shareholding in Santos. For Santos, the move ends a strategic relationship with ENN Group, which is one of the largest gas distributors in China.
In 2016, ENN became Santos’ largest single shareholder and subsequently the pair planned to collaborate to tap into the increasing liquefied natural gas (LNG) demand in the Chinese and international markets.
In March 2021, ENN Group has sold about 107.1 million shares at A$7.33 per share, representing a 5.14% stake in Santos.
Santos’ share price closed today at A$7.71.