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August 23, 2016

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Home » Business » Energy

Listing via reverse merger

CNPC Asset Management Co, a subsidiary of China National Petroleum Corporation, will be listed via a reverse merger with Jinan Diesel Engine Co, the online financial magazine Caixin reported yesterday.

The financial asset management subsidiary will be bought by Jinan Diesel Engine which may be delisted. After the purchase Jinan Diesel Engine plans to raise 19 billion yuan (US$2.9 billion) via a private placement to increase the capital of several companies controlled by CNPC, China’s largest oil and gas producer and supplier, according to Caixin.

CNPC Asset Management Co will sell shares to Jinan Diesel Engine at 9.88 yuan per share while the latter will issue shares totaling 19 billion yuan to fewer than 10 investors at 10.81 yuan per share.


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