Temasek, RRJ buy half of $1.3b Kunlun Energy offering
Temasek Holdings and RRJ Capital, the $2 billion private equity fund set up former Hopu Investment head Richard Ong, has purchased almost half of the shares in a $1.34 billion offering by Kunlun Energy.
The two private equity players got $600 million worth of shares in the offering, alongside over 140 investors also bought into the company, Reuters reported, citing two sources with direct knowledge of the matter. Hong Kong-listed Kulun is controlled by PetroChina.
The offering saw 800 million new shares priced at HK$13.10 per share, represented a discount of approximately 7.62 % to the closing price of the last trading day on April 2, according to a filing with the Hong Kong Stock Exchange.
The company will use proceeds from the sale to develop its liquefied natural gas (LNG) business and to explore future expansion and acquisition opportunities.
Last year, Temasek and RRJ also invested in Clean Energy Fuels Corp, a NASDAQ-listed company focused on providing natural gas fuel for the transport sector.
RRJ has now deployed about 60% of its $2 billion debut vehicle, which launched in February of last year. The private equity firm is said to be planning to raise a new $5 billion fund in the second half of this year. The fund would be split evenly between traditional private-equity assets and more liquid investments such as PIPE deals, Bloomberg reported.
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