Parent subscribes CNPC shares

PUBLISHED : Wednesday, 09 December, 1998, 12:00am
UPDATED : Wednesday, 09 December, 1998, 12:00am

CNPC (Hong Kong) will raise $231.9 million from the issue of 206.3 million new shares to its parent to partly finance the purchase of a 70 per cent production sharing interest in a northeastern Leng Jiapu oilfield from its ultimate parent. Secretary Lau Hak-woon said CNPC demanded Sun World subscribe for the new shares at $1.124 under a conditional agreement signed in February. On completion of the deal, Sun World's interest in the red chip will rise to 54.7 per cent from 52.9 per cent.


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Parent subscribes CNPC shares

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