According to PetroChina, it held a 100% interest in Sun World which directly held 2.51 billion shares in CNPC Hong Kong, representing approximately 56.66% of the total issued share capital of CNPC Hong Kong.
The percentage of interest owned by PetroChina in CNPC Hong Kong has increased from approximately 51.89% as on the date of the sale and purchase agreement to 56.66%, as on the date of this announcement due to a series of share repurchases by CNPC Hong Kong of its 415.57 million shares since September 9, 2008, said the company.
After the acquisition, PetroChina will become a controlling holding company of CNPC Hong Kong, which is expected to reduce its competition with its controlling shareholder CNPC.
PetroChina Company Limited is an oil and gas producer and distributor company in China. It was established as a joint stock company with limited liabilities by China National Petroleum Corporation under the Company Law and the Special Regulations on the Overseas Offering and Listing of Shares by Joint Stock Limited Companies in 1999.
