US natural gas company Chesapeake Energy (NYSE.CHK) announced it has sold US$900 million in preferred stock to sovereign wealth funds from China, Singapore and South Korea, as well as two private-equity firms, Bloomberg reported. The private investors bought the Oklahoma City-based company’s 5.75% convertible preferred stock on June 18, Chesapeake said without disclosing details of individual stakes. The investors included sovereign wealth funds China Investment Corporation, Korea Investment Corporation and Temasek Holdings, as well as a Chinese private-equity fund, Hopu Investment Management, and the Li Ka Shing Foundation, a charitable foundation established by a Hong Kong tycoon, the Wall Street Journal reported. The deal follows the BP PLC (NYSE.BP, LSE.BP) offshore drilling disaster that has seen increased investor interest in onshore energy and natural gas assets, particularly in Asia, where governments are increasingly looking for cleaner energy to fuel economic growth.
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