HONG KONG - Sino Oil and Gas Holdings Ltd said Ping An Insurance (Group) Co of China Ltd bought 4.8 percent of its enlarged share capital in a placement for HK$197 million ($25.4 million), Reuters reported Sunday.

According to Siono Oil, Ping An bought 437 million new shares at HK$0.45 each, an 8.2 percent discount to Friday's closing price.

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Sino Oil and Gas, formerly known as Genesis Energy Holdings, has oil and gas exploration and exploitation operations in the US, China and Australia, the report said.