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Beijing Enterprises Holdings Ltd, an owner of shopping malls, toll roads and a brewery, agreed to buy the biggest supplier of piped gas in the Chinese capital for HK$11.6 billion ($1.48 billion) to tap rising energy demand.

The company will buy Beijing Gas Group (BVI) Co from parent Beijing Enterprises Group (BVI) Co for HK$4 billion in cash and through the sale of shares, Beijing Enterprises Holdings said in a statement today. Its shares closed at a nine-year high.

Chief Executive Officer Zhang Honghai wants to switch Beijing Enterprises Holdings' focus to gas and infrastructure, away from retail and tourism units. The gas supplier forecasts a 19 percent jump in the city's demand for the fuel this year as authorities promote cleaner-burning alternatives to coal before the 2008 Summer Olympics.

"The pricing of the deal is very attractive," Zhang Wenxian, an analyst with Guotai Junan Securities HK Ltd., said by telephone today. "The injection of Beijing Gas will contribute to a significant increase in Beijing Enterprises' profitability over the long-run."

Beijing Enterprises will issue 411 million shares to Beijing Enterprises Group at HK$18.48 apiece, representing a 6.7 percent discount to the HK$19.8 closing price on April 3, the company said in its statement.