PetroChina's parent company to increase stake

PetroChina Company Limited (SSE: 601857) announced that its controlling shareholder, China National Petroleum Corporation (CNPC), intends to increase its stake in the company. CNPC plans to acquire additional A-shares and H-shares via the Shanghai Stock Exchange and the Hong Kong Stock Exchange within the next 12 months. The total investment will be no less than CNY2.8 billion and will not exceed CNY5.6 billion. As of the announcement date, CNPC directly holds 150,923,565,570 A-shares and, through its subsidiary Fairy King Investments Ltd., holds 291,518,000 H-shares, representing approximately 82.62% of PetroChina's total issued shares. CNPC will use its own funds to execute the plan. The company cautioned that the plan is subject to market changes and other unforeseen factors. PetroChina will disclose updates on the implementation of this plan as required.