Others News
- PetroChina to start IPO roadshow
Date: 16-Oct-2007 Sources: (Shenzhen Daily)
PETROCHINA, China's largest oil and gas producer by capacity, will start the roadshow for its A-share initial public offering (IPO) Oct. 22, a person familiar with the situation said yesterday.
The company will list on the Shanghai Stock Exchange early next month, the person said. PetroChina already has H shares listed in Hong Kong and American Depositary Receipts listed in New York.
PetroChina was approved by mainland securities regulator late last month to sell up to 4 billion new yuan-denominated A shares, or 2.18 percent of its enlarged share capital.
IPOs on the mainland are usually launched within two weeks from approval. Since mainland markets were closed for a weeklong holiday at the start of October, PetroChina had been expected to launch its offer two weeks ago.
However, industry sources said the launch had been delayed slightly because government officials and markets would be preoccupied this week with a Communist Party leadership meeting, and to allow the money market to settle down after large share offers last month triggered a major funding squeeze.
PetroChina hasn't said how much it plans to raise from the IPO, but said earlier it plans to spend about 37.77 billion yuan (US$5.04 billion) on five projects, including increasing crude oil output at its Daqing and Changqing fields.
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