Golar to take an estimated 20 pct stake in Australia's Liquefied Natural Gas - Forbes.com

OSLO (AFX) - Golar LNG Ltd said it has signed an agreement to take a 19.83 pct stake in Australia's Liquefied Natural Gas Ltd, making it the company's largest shareholder.

Golar will subscribe for 23 mln shares in Liquefied Natural Gas at 0.50 aud. Of the 23 mln shares, 13.95 mln are unconditional, while the remaining 9.05 mln are subject to approval by Liquefied Natural Gas's shareholders.

Liquefied Natural Gas is an Australian listed company formed to act as a link between previously discovered but non-commercial gas reserves and potential new energy markets.

Golar said it believes Liquefied Natural Gas's strategy will facilitate the joint development of a number of new LNG project opportunities enhancing Golar's ambitions to expand further into the LNG logistical chain.

Golar added that its CEO Gary Smith has been appointed to Liquefied Natural Gas's board of directors.

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