Interra Resources to raise US$3.47m from private placement

Singapore

A BUSINESS partner of Interra Resources is buying a 13.6 per cent stake in the petroleum oil and gas production company for US$3.47 million.

The partner, China ZhenHua Oil Co, is subscribing to 79.5 million new shares through a wholly-owned unit at 5.9 Singapore cents apiece, Interra told the Singapore Exchange in a filing on Friday.

It will also get to nominate a director to Interra's board as its second-largest shareholder.

China ZhenHua Oil, which has a joint venture with Interra in Myanmar, is a Chinese state-owned enterprise that specialises in oil and gas exploration and production, oil industry investment, international oil trading, refini…