The Hong Kong and China Gas (HKG:0003), or Towngas, plans to support the expansion of its newer businesses through third-party funding rather than raising fresh capital, The Standard reported Monday, citing Chief Investment Officer Alan Chan Ying-lung.

Chief Financial Officer Edmund Yeung Lui-ming said Towngas' businesses are currently split between core operations and growth businesses, which contribute about 90% and 10% of profits, respectively, according to the report.

Yeung expects the contribution from growth businesses to increase to 20% to 25% over the next four to five years, the report said.

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