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Kunlun Energy raises HK$10.48 bln via private placement

Apr. 5, 2012 (China Knowledge) - Hong Kong-listed Kunlun Energy Co<0135>, a subsidiary of PetroChina<601857><0857><PTR>, China's largest oil producer, announced Tuesday it has raised HK$10.48 billion or US$1.35 billion through a private placement.

In a statement, the issuer said it sold 800 million shares at HK$13.1 apiece, a 7.62% discount to the firm's closing price of HK$14.18 on Monday. The indicative price range of the offering was HK$13 to HK$13.5.

Singapore's sovereign wealth fund, Temasek Holdings Pte Ltd, and private equity firm RRJ Capital purchased around half of the shares in the private placement, said a person familiar with the matter without elaborating.  

Merrill Lynch, China International Capital Corp Ltd, or CICC, U.S.-based financial services company Citigroup Inc, Deutsche Bank AG, Investment bank Morgan Stanley and Swiss investment bank UBS AG handled the deal.

Kunlun Energy said it will use the proceeds to develop its liquefied natural gas business, sources reported.

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