Holdings Limited was established in 1999, and has listed since May
which originally engaged in pharmaceutical consulting business in the
and Hong Kong.
the last time we spoke, the management of Aptus Holdings Limited has
to work hard on developing and expanding the footprint of the Group in
the oil and gas related industries. In January 2006, we completed the
of a 70% equity interest in CNPC Huayou Cu Energy Investment Co. Ltd.
the Group an effective 56% stake in the profit sharing rights of the
July 2006, the Company entered into two agreements to make capital
to Changde Huayou Gas Co. Ltd. ("Changde Joint Venture") (a city level
natural gas pipeline project) and Hunan Huayou Natural Gas
& Distribution Company Limited ("Hunan Joint Venture") (a
level natural gas pipeline project). Completion of these two deals is
pending. Meanwhile, natural gas is expected to be flowing through the
of both these two joint ventures by the end of 2006.
this time, we have also continued to work closely with and strengthen
relationship with China Huayou Group Corporation ("Huayou"). Xin Jiang
Oilfield is managed and operated by Huayou on our behalf and Huayou is
also the largest shareholder in both the Changde and Hunan joint
Huayou is a wholly-owned subsidiary of China National Petroleum
("CNPC"). CNPC is one of the two largest state-owned petroleum
in the PRC.
longer term objective of management is to develop Aptus Holdings
into a major diversified oil and gas group. We believe that the Xin
Oilfield acquisition and the signing of the two capital contribution
represent a good start to this process.