CIC Said to Plan Investing $150 Million in Sunshine Oilsands IPO
February 08, 2012, 12:28 AM ESTBy Fox Hu
Feb. 7 (Bloomberg) -- China Investment Corp. may invest $150 million in the initial public offering of Sunshine Oilsands Ltd. in Hong Kong, said two people with knowledge of the matter.
China Petroleum & Chemical Corp. may also buy about $150 million of shares in the IPO, said the people, who declined to be identified as the information is private. Sunshine Oilsands, based in Calgary, plans to sell about $350 million of stock to so-called cornerstone investors, accounting for about half of the IPO proceeds, the people said.
BOC International Holdings Ltd., Deutsche Bank AG and Morgan Stanley are managing the sale, the people said. Huang Wensheng, a Beijing-based spokesman spokesman for China Petroleum, didn’t return two calls to his mobile phone seeking comment. A phone call to the press office of CIC, China’s sovereign wealth fund, went unanswered.
Cornerstone investors typically agree to hold the stock for six months in return for guaranteed allocation in IPOs.
--Editors: Philip Lagerkranser, Mohammed Hadi
To contact the reporter on this story: Fox Hu in Hong Kong at fhu7@bloomberg.net
To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net
