Keeping it simple

The Hong Kong and China Gas Company, better known as Towngas, believes in taking a conservative and uncomplicated approach to its business, a philosophy that permeates its risk management strategy. Pamela Tang reports


Hong Kong-based utility Towngas has supplied natural gas to customers for 140 years, enjoying a healthy 65% of the Hong Kong residential market share and a significant foothold in mainland China through 33 joint ventures (JVs), which it is looking to expand further. In contrast to its growth plans, the company's risk-management policy tends towards the prudent and conservative.

Not surprisingly, then, Towngas shuns highly structured products, says chief financial officer John Ho. Indeed, the

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