BIZCHINA> News
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BIZCHINA> News
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UBS gets to arrange PetroChina share sale
(Shanghai Daily)
Updated: 2007-06-28 09:12  UBS AG was hired by PetroChina Co to arrange what may become China's biggest share sale this year, three people with direct knowledge of the decision said. Goldman Sachs Group Inc missed out.UBS Securities Co, the China venture of Europe's largest bank by assets, will arrange the sale of about US$5.9 billion of stock together with China International Capital Corp and Citic Securities Co, the people said, asking not to be identified before an announcement. UBS and Goldman are the only global securities firms licensed to underwrite share sales in China, the world's fastest-growing stock market, Bloomberg News said. PetroChina, the world's fourth-biggest company by market value, hired Goldman for the three equity sales it's done so far.
China's largest oil producer plans to offer a maximum of four billion shares in Shanghai to raise funds for overseas acquisitions, increased oil drilling and refinery construction, the company said on June 20. Shareholders will vote on the sale on August 10, PetroChina said last week. The stock fell 0.9 percent yesterday to HK$11.32 (US$1.45). Chinese companies have sold 123.5 billion yuan (US$16 billion) worth of shares in Shanghai and Shenzhen this year. (For more biz stories, please visit Industries)
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