PetroChina to Inject RMB 4.205 Billion in Kunlun Capital Capital Increase
PetroChina announced on August 30 that it will invest RMB 4.205 billion, together with its parent company CNPC, to increase the capital of Kunlun Capital by a total of RMB 11.6 billion. The funds will support Kunlun Capital's private equity and investment activities. Post-transaction, PetroChina's stake in Kunlun Capital will rise from 29% to 32.16%, with no change to its consolidated reporting scope.
PetroChina announced on August 30 that it plans to invest RMB 4.205 billion, jointly with its controlling shareholder China National Petroleum Corporation (CNPC), to increase the capital of its associate company CNPC Kunlun Capital Co. , Ltd. ("Kunlun Capital"). The total capital increase amounts to RMB 11.6 billion. The proceeds will be primarily used for Kunlun Capital's private equity investment funds and external equity investment businesses. Upon completion of the transaction, PetroChina's equity stake in Kunlun Capital will change from 29% to 32.16%. Kunlun Capital will remain an associate of PetroChina, and the transaction will not result in any change to the company's consolidated financial reporting scope.