The state-owned parent of PetroChina Co. (0857.HK) has received regulatory approval to issue exchangeable corporate bonds.
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.
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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.
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(END) Dow Jones Newswires
July 03, 2017 05:57 ET (09:57 GMT)