PetroChina Co. (0857.HK) said Friday its state-owned parent, China National Petroleum Corp., plans to issue exchangeable bonds totaling up to 20 billion yuan (US$3.05 billion).
The Chinese oil producer said holders of the corporate bonds, which will have a term of up to five years, will be entitled to exchange the bonds for its parent's holding of PetroChina's yuan-denominated shares.
China National Petroleum Corp. owns 155 billion yuan-denominated shares in PetroChina, representing a 84.64% stake in the company.
The bond sale is subject to approval from Chinese regulators, PetroChina said.
Write to Joanne Chiu at firstname.lastname@example.org
(END) Dow Jones Newswires
September 15, 2017 05:22 ET (09:22 GMT)