PetroChina shareholders clear A-share offering
13 August 2007
PetroChina's shareholders have cleared a plan to list in Shanghai, the Wall Street Journal reported. "The pricing won't be too high. I think ordinary investors can afford it," said PetroChina president Jiang Jiemin at a shareholder meeting. He did not give any more details on the shares' price or the total value of the listing, though it is known that the company will offer 4 billion shares. State media have reported that the listing will happen in October. PetroChina is already listed in Hong Kong and has American depositary receipts listed in New York. It is the mainland's largest listed oil and gas producer by capacity. Jiang also cited American investor Warren Buffett is a key shareholder, and that he is unlikely to further reduce his holdings. Buffett had reduced his stake in PetroChina from 11.05% to 10.96% in July, which Jiang said was aimed at locking in profits.
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