China Oilfield to Raise $759 Million in Share Placement

China Oilfield Services Ltd. (2883), a unit of the nation’s biggest offshore energy company, said it plans to raise HK$5.88 billion ($759 million) for general corporate purposes through a private sale of new shares.

The company will sell 276.3 million Hong Kong-listed shares at HK$21.30 each, a 7 percent discount to yesterday’s closing price, according to a Jan. 7 filing with the city’s stock exchange. Units of China International Capital Corp., Credit Suisse Group AG (CSGN), JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. and Morgan Stanley (MS) are the placing agents, China Overseas said.

“The placing represents a good opportunity to broaden the shareholder base of the company and to raise capital for the company for its future business development,” Beijing-based China Overseas said in the filing. The company said it expects net proceeds of HK$5.82 billion after commissions and expenses.

China Oilfield, a unit of China National Offshore Oil Corp., has surged 39 percent in Hong Kong trading in the past 12 months, compared with a 2.6 percent drop in the city’s benchmark Hang Seng Index. The company let a planned sale of as many as 500 million Shanghai-listed A shares lapse in 2012.

The share sale will be conducted under the company’s general mandate from stockholders and so won’t need special approval from them, China Overseas said.

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