Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Sino Australia Oil & Gas Seeks More Time to Complete Share Sale

Don't Miss Out —
Follow us on:

July 16 (Bloomberg) -- Sino Australia Oil & Gas Ltd., a Chinese drilling services company, said it needs six to 10 more weeks to complete a proposed initial public offering in Sydney to give Asian fund managers more time to decide to buy shares.

Sino Australia is seeking an extension from the Australian Securities and Investments Commission for its planned share sale to raise as much as A$20 million ($18 million), the company said today in an e-mailed statement. The company previously expected the offer to be completed by July 5, it said.

“Recent market volatility was cited as the reason Asian-based fund managers were not able to complete investment mandates,” the company said. Sino Australia expects to complete the share sale at its A$20 million target if the extension is given and the “markets continue to gain positive momentum,” it said.

Sino Australia, focused on the Daqing oil fields of northern China, plans to sell stock in Australia to give local investors exposure to China’s surging energy demand. The company has received commitments to buy 24 million shares at 50 cents a share to raise a minimum of A$12 million, and hopes to sell a further A$8 million in shares, it said.

To contact the reporter on this story: James Paton in Sydney at jpaton4@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.