Feb. 9, 2012 (China Knowledge) - Three cornerstone investors have agreed to invest a total of US$350 million in the initial public offering of Sunshine Oilsands Ltd in Hong Kong
, said sources familiar with the matter.
China Investment Corp, the country's sovereign wealth fund, and China Petrochemical Corp or Sinopec Group, Asia's largest oil refiner, each plan to subscribe US$150 million of Sunshine Oilsands' IPO shares.
US-based asset management firm EIG Global Energy Partners has agreed to buy US$50 million of IPO shares.
The report came after Sunshine Oilsands delayed its US$700-million IPO. The company originally planned to receive subscription from institutional investors from February 6.
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, China knowledge reported earlier