Transfer of PetroChina’s RMB3.4 Billion Shares to Ansteel Approved

PetroChina Company Limited (PetroChina) received a notice from its controlling shareholder China National Petroleum Corporation (CNPC) on May 26, saying that CNPC plans to transfer its 440 million (which worth RMB3.4 billion) state-owned shares of A-share stock in PetroChina to Ansteel Group for free. On June 27, PetroChina released the Announcement in Relation to the Progress of Transfer of State-owned Shares for Free.
The notice to PetroChina states that the transfer has been approved by the State-Owned Assets Supervision and Administration Commission of the State Council.
CNPC will still hold around 156.97 billion shares of A-share stock of PetroChina after this action, and its proportion of the gross capital stock of PetroChina will be reduced only slightly, from 86.01% to 85.77%, while Ansteel Group will hold around 0.24%.
The 440 million shares are worth RMB3.4 billion, based on PetroChina’s June 27 share price of RMB7.69/share.
This transfer is aimed to strengthen strategic cooperation between CNPC and Ansteel Group Corporation and optimize the company’s ownership structure, according to a notice previously published by PetroChina.