Brightoil 0933

Brightoil 0933

Postby winston » Fri May 08, 2015 3:42 pm

not vested

Brightoil shares fall in Hong Kong after selling shares at discount to raise funds

Shares of Brightoil Petroleum dropped as much as 14.3 per cent after announcing it raised HK$1.3 billion by selling shares at a discount.

Its shares traded down 10 per cent at HK$2.26 at 11:05 a.m, a two-month low.

The privately controlled mainland oil trader and storage service provider bought offshore China oil production assets from the United States’ Anadarko Petroleum last year for US$1 billion,

The company has appointed Nomura and BOC International as agents to sell up to 590 million shares held by majority shareholder Sit Kwong-lam, to investors at HK$2.2 each, it said in a filing to Hong Kong’s stock exchange on Friday.

Sit in turn agreed to buy up to the same number of shares to be issued by the firm at the same price.

The price represents around 6.3 per cent of the firm’s issued share capital enlarged by the new shares issuance.

The share selling price represents a 12.35 per cent discount to yesterday’s closing price of HK$2.51.

A person familiar with the deal said the mainland’s state pension fund manager National Social Security Fund is one of the shares’ subscribers.

The shares sale proceeds will be used to retire debts and boost working capital.

Sit will see his stake in the firm fall to 70.1 per cent from 74.8 per cent after the news shares issuance.

Source: SCMP
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