April 27, 2009 / 9:58 PM / 8 years ago

CORRECTED - CORRECTED-UPDATE 1-Petrobank unit to sell 9.9 mln of Petrominera

(Corrects paragraph 5 to show company is based in Colombia, not Columbia)

* Petrominerales not to receive any proceeds

* Petrobank’s stake in Petrominerales to come down to 67 pct

April 27 (Reuters) - Canada’s Petrominerales Ltd PMG.TO said a unit of its majority stakeholder, Petrobank Energy and Resources Ltd PBG.TO, will sell 9.9 million of Petrominerales shares for C$10.25 apiece, resulting in gross proceeds of C$101.5 million.

Petrominerales will not receive any proceeds from the secondary offering. Petrobank owns about 77 percent of Petrominerales.

The offer price represents a discount of about 8 percent to Petrominerales stock’s Monday closing price of C$11.10.

Petrobank’s unit, Petro International Ltd, entered into an agreement with a syndicate of investment dealers, led by TD Securities Inc and Haywood Securities Inc, for the offering, Petrominerales said.

“The secondary offering will reduce Petrobank’s ownership of Petrominerales to 66.7 percent and is expected to enhance market liquidity through an increased public float,” Bogota, Colombia-based Petrominerales said in a statement.

Shares of Petrobank closed at C$24.61 Monday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Deepak Kannan)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below