Sign up
Log in Sign up
Fri 30 Jul 2010, 07:48 GMT

Brightoil raises US$135m in share placement


Hong Kong-listed firm raises capital to fund the development of its oil projects.

Hong Kong-listed Brightoil Petroleum has raised HK$1.04 billion (US$135 million) through a top-up placement in order to fund the development of its oil projects.

The company sold 300 million shares at HK$3.45 a share, representing a 9% discount to the closing price of HK$3.79 on July 28.

The shares were being offered at an indicated price of between HK$3.41 and HK$3.56 a share, or a discount of 6.07% to 10.03% to the previous closing price. This meant the company had the potential to raise between HK$1.02 billion and HK$1.07 billion. The deal comes with an upside option of an additional 100 million shares.

The placement was managed by BOC International.

News of the placement follows the announcement earlier this week that Brightoil has entered into a memorandum of understanding with the vendor, Tooltime Holdings Ltd, for the possible acquisition of the entire issued share capital of, and a shareholder's loan due by, target company Access Wealth Holdings Ltd at a consideration of HK$1.485 billion.

Trading in shares of the stock was suspended yesterday on the Hong Kong Stock Exchange at 9:44 a.m.and resumed again today following the completion of the top-up placement.


Bennett J. Pekkattil and Capt. Alok RC Sharma. TFG Marine calls for digital transformation to manage alternative fuel risks  

CFO says transparency and digital solutions are essential as the marine fuels sector faces volatility from diversification.
Mugardos Energy Terminal. Reganosa’s Mugardos terminal adds bio-LNG bunkering for ships and trucks  

Spanish facility obtains EU sustainability certification to supply renewable fuel with 92% lower emissions.
Global Ethanol Association (GEA) and Growth Energy logo side by side. Growth Energy joins Global Ethanol Association as new member  

US biofuel trade association represents nearly 100 biorefineries and over half of US ethanol production.
Bertha B vessel. H2SITE explains decision to establish Bergen subsidiary  

Ammonia-to-hydrogen technology firm says Norwegian city was obvious choice for its ambitions.
Vessel at sea under dark clouds. Gibraltar Port Authority issues severe weather warning for gale-force winds and heavy rain  

Port authority warns of storm-force gusts of up to 50 knots and rainfall totals reaching 120 mm.
Christiania Energy headquarters. Christiania Energy relocates headquarters within Odense Harbour  

Bunker firm moves to larger waterfront office to accommodate growing team and collaboration needs.
AiP award ceremony for 20K LNGBV design. HD Hyundai Heavy Industries receives design approval for 20,000-cbm LNG bunkering vessel  

Bureau Veritas grants approval in principle following joint development project with South Korean shipbuilder.
Lloyd’s Register technical committee meeting in Spain. Peninsula outlines dual role in FuelEU Maritime compliance at Lloyd’s Register panel  

Marine fuel supplier discusses challenges for shipowners and opportunities for suppliers under new regulation.
Current status of fleet fuel types chart. LNG-fuelled container ships dominate January alternative-fuel vessel orders  

Container ships accounted for 16 of 20 alternative-fuelled vessels ordered in January, DNV reports.
Rick Boom, CIMAC and Professor Lynn Loo, GCMD. GCMD and CIMAC sign partnership to advance alternative marine fuel readiness  

Two-year agreement aims to bridge operational experience with technical standards for decarbonisation solutions.




 Recommended