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On May 24, PetroChina International (Singapore) and Keppel Oil and Gas Services Pte. Ltd. entered into a conditional agreement upon purchase of 234,522,797 shares or 45.51% the latter holds in SPC, and the deal was completed on June 21.
Three days ago, the buyer completed a conditional tender offer of up to 263,297,097 SPC shares at SGD 6.25 or CNY 29.68 apiece. These shares accounted for 50.87% of the target company's total capital stock. Next, SPC will be delisted from the Singapore Stock Exchange
In order to further sharpen its competitive edge in overseas markets, PetroChina has an intention of creating SPC as a new platform in line with its long-term internationalization strategy, said people familiar with the matter.
Source: www.cnstock.com (September 07, 2009)
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