BIZCHINA / News
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.
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"Winning this mandate is another breakthrough for UBS in China," said
Jing Liang, an analyst at Guotai Jun'an Securities Co. "The Chinese
market has a lot of potential. It's not limited to stock sales, there
will also be lots of acquisitions."
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).
(For more biz stories, please visit Industry Updates)
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