A review of the Top Twenty shareholding for 2022 highlights that Petrochina (BNP Paribas Noms Pty Ltd) is continuing to acquire shares in CUE increasing their holdings this year by a further 2.1m shares.
Petrochina acquired its CUE SH by default when it acquired Singapore Petroleum Company in 2009. From around 2014-2018 PetroChina's SH remained static at around 113m shares.
In 2018 OG successfully completed a partial takeover of NZO to effectively become CUE's majority SH. In each year since then Petrochina has increased its SH in CUE. (2018-113m shares, 2022-118.7m shares)
113m+5.6m shares is not a substantial investment for Petrochina. The fact that it continues to increase its investment each year however means that Petrochina sees some fundamental and strategic value in CUE.
When SPC originally commenced acquiring CUE shares back in 2007 it approached CUE to enquire "about the possibility of closer co-operation and integration of each company's exploration and production business." (SMH 6/8/2007) Petrochina may still see that as a possbility for CUE moving forward.
CUE Price at posting:
6.8¢ Sentiment: Buy Disclosure: Held
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