PetroChina's Controlling Shareholder CNPC Plans Up to 5.6 Billion Yuan Investment; Shanghai Shares Rise 4%

MT Newswires Live

04-08

PetroChina (HKG:0857, SHA:601857) controlling shareholder China National Petroleum Corp. or CNPC plans to boost its shareholding in the company, according to a Tuesday filing with the Hong Kong bourse.

CNPC, along with its wholly-owned subsidiary Fairy King Investments Ltd., plans to invest about 2.80 billion yuan to 5.60 billion yuan in PetroChina.

The share purchases will be conducted through centralized price bidding on the Shanghai bourse and through the secondary market on the Hong Kong stock exchange.

The shareholding increase plan is expected to be completed within 12 months.

CNPC currently holds an 82.6% stake in PetroChina.

Shares of PetroChina jumped 4% in Shanghai and 2% in Hong Kong in afternoon trading on Tuesday.

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