The screens at the TMX Broadcast Centre in Toronto show the closing numbers of the <strong>TSX</strong> at + 252.19 on Tuesday, July 3, 2012.Matthew Sherwood/The Globe and Mail
Sunshine Oilsands Ltd. is coming to the Toronto Stock Exchange after spending years arguing Hong Kong was the place to be.
The company, which holds undeveloped oil sands leases covering more than 464,000 hectares in northern Alberta, on Thursday said it received conditional approval to list shares in Toronto and expects to begin trading when all the exchange's conditions are met.
Hong Kong will remain Sunshine's primary home. The Calgary-based company, which has major Asian investors, raised about $580-million (U.S.) in an initial public offering on The Stock Exchange of Hong Kong in February. The IPO had been in the works for years. Sunshine turned to Hong Kong because it wanted to find a new group of oil sands investors, namely retail investors in Asia.
Sunshine is not planning to raise more cash through its secondary listing, Songning Shen, its co-chairman, said in a statement.
"A dual listing on Hong Kong and Canada has always been part of the company's business development plans, and the management remains committed to its strategic development in Asia and China," he said. "A secondary listing in Canada will help expand the company's investor base and boost the liquidity of its shares."
Sunshine is backed by Sinopec, China Investment Corp., Bank of China Group Investment and China Life and Orient Group.
John Zaharay serves as Sunshine's chief executive. Mr. Zahary ran Harvest Operations Corp. for Korea National Oil Corp. and was Harvest's leader when KNOC bought the company.