Petronas Sells APA Stake (Australia)

APA Group, Australia’s gas pipeline company, said that it has been advised by its largest securityholder, Petronas Australia, that it has sold the 111.3 million securities it holds in APA, equivalent to 17.3% of APA’s issued capital, in an institutional bookbuild managed by Morgan Stanley.

“APA has been advised this morning that the securities have been successfully placed with a broad spread of domestic and international institutional investors,” the company said in a statement.

Managing Director Mick McCormack said “Petronas has been a strong supporter of APA’s business since listing, and we are grateful for their involvement over the last 12 years. Petronas has advised that its decision to sell follows a rationalisation of its investment portfolio.”

[mappress]

LNG World News Staff, May 12, 2012; Image: APA