INVESTMENT and telecommunications services firm Innopac Holdings has moved into China's natural gas market, after a false start in 2011.

Yesterday, it announced that it had entered into a conditional sale and purchase agreement on Friday with Rubic Prize for the acquisition of 45 million ordinary shares of Extera - representing 81.82 per cent of the investment holding company's issued and paid-up share capital - for $17.1 million.

That represents about 16.02 per cent of Innopac's market capitalisation of around $106.8 million, as at Nov 28.