The state-owned parent of PetroChina Co. (0857.HK) has received regulatory approval to issue exchangeable corporate bonds.
Continue Reading Below
PetroChina said late Monday that China National Petroleum Corp. received the approval from State-owned Assets Supervision and Administration Commission and the Issuance Examination Committee of the China Securities Regulatory Commission. This will allow CNPC to use some of its subsidiary's yuan-denominated shares as underlying instruments to issue the bonds, PetroChina said.
In April, the company said holders of the bonds, valued at up to 10 billion yuan ($1.48 billion), would be entitled to exchange them for CNPC's A shares of PetroChina.
Write to Joanne Chiu at firstname.lastname@example.org
(END) Dow Jones Newswires
July 03, 2017 05:57 ET (09:57 GMT)