China Gas (00384.HK), referring to the general offer by ENN Energy (02688.HK) and China Petroleum & Chemical  has said that the possible pre-conditional offer is wholly unsolicited and opportunistic and fails to reflect the fundamental value of China Gas.

The unsolicited possible pre-conditional offer may or may not proceed, China Gas stressed. Shareholders, holders of share options and potential investors of the company should exercise caution when dealing in the securities of the company, the company said.

China Gas' board of directors has approved the establishment of an independent board committee to consider the offer. The company has also appointed Macquarie Capital (Hong Kong) Limited as its financial adviser in relation to the offer.