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Market Chatter: Towngas Eyes Third-Party Funding to Fund Growth Businesses

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The Hong Kong and China Gas (HKG:0003), or Towngas, plans to support the expansion of its newer businesses through third-party funding rather than raising fresh capital, The Standard reported Monday, citing Chief Investment Officer Alan Chan Ying-lung.

Chief Financial Officer Edmund Yeung Lui-ming said Towngas' businesses are currently split between core operations and growth businesses, which contribute about 90% and 10% of profits, respectively, according to the report.

Yeung expects the contribution from growth businesses to increase to 20% to 25% over the next four to five years, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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