Founded in 1862, The Hong Kong and China Gas Company Limited currently holds a place as sole provider of towngas in Hong Kong. In fact, the company operates under the nickname Towngas. Towngas is publicly traded company on the The Stock Exchange of Hong Kong Limited under the number 0003. The number is indicative of the fact the company is the third oldest company on the exchange.
The company runs the largest public utility in Hong Kong, providing up to 85% of all the people in the region with the towngas product. The company also maintains operations in mainland China for the purpose of diversity. With that in mind, Towngas also has projects related to the environment, water supply and telecommunications.
The company currently imports a good portion of it’s natural gas from Australia by ship. Once the natural gas arrives in Hong Kong, it is held in reserve in large LPG tanks, which are located at a gas terminal in Shenzhen. The gas is transferred to the Dapeng terminal via a pipeline. From there, the company is able to produce 97% of the country’s towngas.
According to recent corporate filings, it looks as though the Henderson Land Development Co. Ltd (HLD) is the company’s largest shareholder with a stake that reached as high as almost 42% by the end of 2014. The company is led by Lee Shau Kee, Chairman and Alfred Chan, Managing Director. Towngas’ headquarters are located Quarry Bay, Hong Kong, where a large number of the company’s 2300 employees work.
As of the fiscal year ended in 2014, the company showed operating revenues of approximately HKD 31,615m. These revenues translated into net operating income of HKD 7,109m. Its worth noting that for a public utility company, The Hong Kong and China Gas Company Limited has done a great job of avoiding controversy.