Sino Gas International Gets Renewed Going Private Proposal At $0.50/shr

(RTTNews) - Sino Gas International Holdings Inc. (SGAS.OB) announced that a Special Committee comprised of independent directors of the company's Board of Directors has received a renewed, non-binding proposal letter dated December 8, 2013 from Yuchuan Liu, the Company's Chairman and Chief Executive Officer and President, and an affiliate of Morgan Stanley Private Equity Asia, the private equity arm of Morgan Stanley or "MSPEA", to acquire all of the outstanding shares of common stock of the Company not currently owned by Liu (and possibly other rollover shareholders) in a going private transaction for $0.50 in cash per Share, subject to certain conditions.

Reference is made to that Proposal Letter, dated and delivered to the Board by Liu on April 28, 2012, in which Liu submitted a non-binding proposal to acquire all of the outstanding shares of the Company not owned by Liu in a going private transaction at $0.48 in cash per share or Original Proposal. Through the Renewed Proposal, Liu and MSPEA reaffirm and supplement the Original Proposal and together intend to effect the Acquisition.

According to the Renewed Proposal, the Acquisition is proposed to be financed through equity capital and Liu and certain of the Company's management and affiliates intend to exchange all or part of their equity interests in the Company into equity securities in the post-Acquisition company.

The company said its Board formed a Special Committee to consider the Original Proposal. The Special Committee will be responsible for evaluating the Renewed Proposal.

The Board cautioned the Company's shareholders and others considering trading in the Company's securities that the Special Committee has just received the Renewed Proposal and that no decisions have been made by the Special Committee with respect to the Company's response to the Renewed Proposal.