Sunshine Oilsands postpones Hong Kong $700 mln IPO-WSJ | Reuters on day true story
HONG KONG | Sat Feb 4, 2012 2:33am GMT
HONG KONG Feb 4 (Reuters) - Sunshine Oilsands Ltd, a Canadian oil explorer backed by Chinese state-owned enterprises, has delayed the launch of a planned up to $700 million initial public offering in Hong Kong that was expected to be the biggest new listing in Asia this year, a report said on Saturday.
The oilsands firm, which is backed by Chinese investors including insurer China Life Insurance (Group), was due to start taking orders on Monday, but has postponed its roadshow indefinitely, the Wall Street Journal said, citing two people familiar with the deal.
The IPO was set to consist of all new shares, representing 25 percent of the company's expanded capital, one source with direct knowledge of the plans told Reuters on Jan 31. [ID: L4E8CV2IX]
Six companies have gone public in Hong Kong since the beginning of the year, with small-sized deals that raised a combined HK$1.4 billion ($180.5 million). (Reporting by Farah Master)
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