Towngas China (1083) is seeking to acquire 10 new projects this year, aiming to expand its piped gas network in the mainland.
The company, which now runs 68 projects in mainly industrial areas, plans to spend HK$1 billion on acquisitions this year. So far, it has completed three of the deals.

It stressed the new acquisitions were made without help from its parent - Hong Kong and China Gas (0003) - an arm of Henderson Land Development (0012).

"HKCG has no plan to inject assets into us at the current stage," chairman Alfred Chan Wing- kin said yesterday. He said Towngas China specializes in medium- to small-sized projects, while the parent focuses on large schemes.

The company booked a year-on-year growth of 43.8 percent from sales of piped gas last year.

Due to fierce competition, the firm plans to concentrate on exploring new regions. It currently has a presence in 13 provinces and municipalities.

The shares fell 1.5 percent to HK$5.17 yesterday.