Dec. 1, 2009 (China Knowledge) - CNPC (Hong Kong) Ltd<0135>, which is 58.01% held by China National Petroleum Corp, plans to raise up to US$488 million by issuing 450 million new shares at HK$8.01 to HK$8.41 apiece, sources reported.
The prices represent a discount of 3.4% to 8% to Monday's closing price, which was HK$8.71.
The company did not disclose how the proceeds from the issuance will be used.
Bank of America Merrill Lynch has been hired to arrange the deal.
CNPC Hong Kong agreed to pay RMB 616 million to buy a 49% stake in Zhongyou Zhongtai, a city gas pipeline operator, to expand its distribution network.
The Hong Kong-based company operates 11 oil fields in mainland China, Kazakhstan, Thailand, Peru, Oman, Indonesia and Azerbaijan.
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The prices represent a discount of 3.4% to 8% to Monday's closing price, which was HK$8.71.
The company did not disclose how the proceeds from the issuance will be used.
Bank of America Merrill Lynch has been hired to arrange the deal.
CNPC Hong Kong agreed to pay RMB 616 million to buy a 49% stake in Zhongyou Zhongtai, a city gas pipeline operator, to expand its distribution network.
The Hong Kong-based company operates 11 oil fields in mainland China, Kazakhstan, Thailand, Peru, Oman, Indonesia and Azerbaijan.
Copyright © 2009 www.chinaknowledge.com
Send feedback or comments to: news@chinaknowledge.com
For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today
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Source: http://www.chinaknowledge.com/Newswires/News_Detail.aspx?type=1&NewsID=29266
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