E1 Corporation (KOSE:A017940) has asked the National Pension Service (NPS) and other financial partners to join a $540 million bid to buy a 34% stake in Cardinal Gas Solutions (Cardinal Gas Services) (CGS), E1 officials said on August 11, 2014. "We are aiming to finalize the enrolment of other partners by the end of this year," an E1 official said. He said the partners are still negotiating the details of the investment terms. The bid is part of E1's effort to diversify its business portfolio in the LPG business, aimed at expanding overseas.

The NPS will invest $250 million; E1, $50 million; Public School Teachers' Pension & Retirement Fund of Chicago, $50 million; The Military Mutual Aid Association Co., Ltd., $40 million; and Korea Scientists & Engineers Mutual-aid Association, $30 million. Macquarie Samchully Asset Management Co., Ltd. will oversee management of the funds. E1 share prices were higher on the reports that state funds will buy into Cardinal Gas Solutions.