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BIZCHINA / News
PetroChina may list in October
By Chen Jialu (China Daily)
Updated: 2007-08-08 08:50
Two men pass by a billboard for China National Petroleum Corp, parent of
PetroChina, in Shanghai.
PetroChina plans to debut on the Shanghai bourse in October by raising at
least 40 billion yuan, in a bid to tap the red-hot mainland equity market.
PetroChina, the Hong Kong-listed arm of China National Petroleum
Corporation (CNPC), the nation's No 1 oil and gas group, will issue 4
billion A shares at around 10 yuan each, which will probably account for
approximately 2 percent of its enlarged share capital, a CNPC executive
told China Daily yesterday.
"The new shares will be priced on the basis of PetroChina's share price
in Hong Kong. The indicative price for the initial public offering might
hover around 10 yuan".
If thus priced, it will be the mainland's biggest IPO this year.
The oil giant has chosen UBS Securities Co, China International Capital
Corp and CITIC Securities Co to underwrite the highly anticipated
offering, the source said. "We have tentatively set October for the
listing."
The Beijing-based company will hold a shareholders' meeting on August 22
to approve its IPO plan, the source said.
But in a statement in June, the company had said its shareholders would
vote on the offering on August 10.
Related readings:
?PetroChina eyes mainland listing in 4th quarter
?PetroChina meets six-month targets
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The draft prospectus was submitted to the China Securities Regulatory
Commission last Friday.
The proceeds from the IPO will fund the company's construction of
refinery, petrochemical and gas pipeline projects, overseas acquisition
of petroleum and gas resources and the development of its domestic
petroleum and gas resources.
PetroChina is the latest State-owned conglomerate listed overseas seeking
a mainland listing. China is encouraging its flagship State-owned
companies listed in Hong Kong and elsewhere to list on the mainland,
which could help soak up excess liquidity and increase the supply of new
shares.
PetroChina posted a 3.7 percent production increase in the first half of
the year.
The company began trading in Hong Kong and its American Depositary
Receipts were also listed on the New York Stock Exchange in 2000.
(For more biz stories, please visit Industry Updates)
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� PetroChina eyes mainland listing in 4th quarter
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� PetroChina meets six-month targets
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� PetroChina to build oil base in Xinjiang
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