Santos (ASX:STO) - Managing Director and CEO, Kevin Gallagher
Managing Director and CEO, Kevin Gallagher
Source: The Advertiser
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  • ENN Group has sold approximately 107.1 million of its shares in Australian energy producer Santos (STO) but still remains the company’s largest individual shareholder
  • The 107.1 million shares represents a 5.14 per cent interest in Santos, at $7.33 per share
  • Despite the sale, ENN Group still holds a 9.97 per cent stake in Santos
  • ENN-nominated director Eugene Shi will also resign from the Santos Board following the completion of the sale
  • Santos is down 1.42 per cent, trading at $7.65

ENN Group has sold approximately 107.1 million of its shares in Australian energy producer Santos (STO) but still remains the company’s largest individual shareholder.

The 107.1 million shares represents a 5.14 per cent interest in Santos, at $7.33 per share. Despite the sale, ENN remains Santos’ largest individual shareholder, with a 9.97 per cent stake in the company.

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

Santos first announced a strategic relationship with Chinese energy company ENN Group in June 2017 to support future investment.  

Despite the sell-off, ENN told Santos it remains fully supportive of the company’s strategy and future direction.  

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

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

Santos is down 1.42 per cent on the back of this news, trading at $7.65 at 11:40 am AEDT.

STO by the numbers
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