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PetroChina (PTR:NYSE) Alert |
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Monday, 22 October 2007 |
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An interesting bit of news from Bloomberg.com this sunny October Sunday afternoon: “PetroChina Co., [China’s] biggest oil producer, said it expects its yuan-denominated shares to start trading in Shanghai on Nov. 5..
The company, which is selling as many as 4 billion new shares, will start book building tomorrow [Monday, Oct. 22], Beijing-based PetroChina said in a statement to the Shanghai stock exchange today.
Investors can start applying for shares from Oct. 25 and a final price will be announced on Oct. 30, it said.
PetroChina’s shares have gained 16-fold since its initial public offering in Hong Kong in 2000, making it the world’s second-largest company by market value. The Shanghai sale gives investors in China, home to the best-performing equity market this year, their first opportunity to buy the stock directly.
The company said Sept. 20 it plans to raise 37.8 billion yuan ($5 billion) in the sale, based on the amount it plans to spend on refinery and oilfield projects. PetroChina will invest 17.5 billion yuan upgrading the Dushanzi refinery in the northwestern region of Xinjiang, it said. Institutional investors can apply for shares from Oct. 25 and individuals can subscribe from Oct. 26, the company said.
PetroChina (PTR:NYSE) has been trading on the New York Stock Exchange for years, and Taipans will undoubtedly remember the two our three times members of our editorial board have played it for fun and profits.
We note you can buy the ADR at a $20 discount off its most recent record high, an amount that the shares will probably pack right back on when the media hype of the IPO sets the Shanghai A-shares soaring and the cash of the company splitting seams.
Source : Taipan Financial News
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