Fortune Oil proposes to dispose of natural gas business



LONDON (ShareCast) - China-focused resources firm Fortune Oil (LSE: FTO.L - news) has received a formal waiver from the facility agent on behalf of the over two thirds majority of lenders from the Fortune Oil group's medium-term lending syndicate.

A statement issued by the company on Wednesday morning announced it would send a circular to shareholders in due course, which would contain the details of the general meeting in order to approve the proposed transaction.