PetroChina controlling shareholder plans up to 5.6 billion yuan investment

State oil giant PetroChina (0857) said on Tuesday its parent company plans to increase its holdings in PetroChina’s A-shares and H-shares within the next 12 months, with an investment ranging from 2.8 billion yuan (HK$2.98 billion) to 5.6 billion yuan, based on confidence in the company's future growth prospects.

The controlling shareholder, China National Petroleum Corporation, holds 151,215,083,570 shares of PetroChina, representing approximately 82.62 percent of the company’s total issued share capital, according to a filing with the stock exchange.

CNPC and its wholly-owned subsidiary have pledged not to reduce their shareholdings in the company during the implementation period of the shareholding increase plan and the statutory period.

STAFF REPORTER