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HONG KONG (Reuters) - Malaysia's national oil firm Petronas PETR.UL is in talks to buy shares in Canadian oil explorer Sunshine Oilsands Ltd's up to $700 mln Hong Kong initial public offering (IPO) as an anchor investor, two sources familiar with the matter told Reuters on Wednesday.
The company plans to sell 923.3 million shares in a range of HK$4.86-HK$5.08 each, according to a term sheet seen by Reuters. At the top end of that range, the IPO is set to be the biggest in Hong Kong so far this year.
Anchor investors are expected to commit more than $100 million to the IPO, the sources added.
Sunshine Oilsands spokesman declined comment, while Petronas could not be immediately reach for comment. The sources were not authorized to speak to the media.
Reporting by Alison Lui; Writing by Denny Thomas; Editing by Erica Billingham