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CNPC Hong Kong raises $480m

(Xinhua)
Updated: 2009-12-02 15:30

China National Petroleum Corporation (CNPC) announced on Tuesday its Hong Kong-listed red-chip China National Petroleum Corporation (Hong Kong) raised HK$3.72 billion ($480 million) from a share placement.

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CNPC (Hong Kong) sold 450 million shares at HK$8.27 per share. It is expected to inject the fund into potential acquisition of downstream gas distribution assets and use it to pay other capital expenditure.

Share price of CNPC (Hong Kong) gained 3.78 percent to end at HK$9.04 Tuesday, setting its highest close since its debut.

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