Sun World to control CNPC

PUBLISHED : Thursday, 05 February, 1998, 12:00am
UPDATED : Thursday, 05 February, 1998, 12:00am


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Red chip CNPC (Hong Kong) has announced it will sell $386.5 million worth of new shares to 47.87 per cent shareholder Sun World. The sale will enlarge Sun World's direct stake to 50.61 per cent of CNPC's enlarged issued share capital, although Sun World will effectively control 53.96 per cent of CNPC shares through related parties. The sale values CNPC shares at about $1.08 per share. CNPC closed trading yesterday at $1.74 per share. The company said proceeds from the deal would be used to fund part of the cost of acquiring 70 per cent of the production sharing interest in the Leng Jiapu project from its parent China National Petroleum.