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Sunshine Oilsands delays US$700 mln-IPO in HK

Feb. 6, 2012 (China Knowledge) - Sunshine Oilsands Ltd, a Canada-based energy company, has postponed the roadshow for its US$700 million of initial public offering in Hong Kong, said the people familiar with the matter.

The two persons noted that the delay was caused by a technical issue on the Canadian part of the IPO prospectus, adding that Sunshine Oilsands expects to kick off the roadshow on February 15 and get listed on the Hong Kong Stock Exchange on February 21.

The proposed IPO was set to be the biggest in Hong Kong in recent months after Chow Tai Fook Jewellery Co's<1929> US$2 billion-IPO last December, sources reported.

Three strategic investors in the IPO consist of China Life Overseas, Bank of China Group Investment Ltd and Cross-Strait Common Development Fund Co Ltd.

Bank of China International Holdings Ltd, Morgan Stanley and Deutsche Bank have been assigned to handle the IPO.

Sunshine Oilsands, which suffered a net loss of C$9.86 million in 2010 and C$76.78 million in 2011, would not earn profit until 2014 as all of its projects are currently in the exploration stage, according to BOC International Holdings Ltd.

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