PetroChina announced on August 30 that it plans to invest 4.205 billion yuan, together with its controlling shareholder China National Petroleum Corporation, to jointly increase capital in its associate Kunlun Capital, with a total capital increase of 11.6 billion yuan. The capital increase funds will mainly be used for Kunlun Capital's private equity investment funds, external equity investment business, and other operations. After the transaction is completed, PetroChina's equity stake in Kunlun Capital will change from 29% before the capital increase to 32.16%. Kunlun Capital will remain an associate company, and this will not cause a change in the scope of consolidated financial statements.
PetroChina Co Ltd Class APetroChina invests 4.205 billion yuan in Kunlun Capital's capital increase, raising its stake from 29% to 32.16%.
Kunlun Capital receives an 11.6 billion yuan capital increase to fund private equity and external equity investments.
