Brightoil Petroleum raises $135 million in top-up placement

The book is 3.2 times oversubscribed and consists of about 75% institutional investors and 25% retail.

Brightoil Petroleum, a provider of marine bunkering services in China, yesterday raised HK$1.04 billion $135 million through a top-up placement to fund the development of its oil projects.

Brightoil is the only licensed private enterprise engaging in China's bonded marine bunkering business. The company hopes to take advantage of the government's policy which encourages private enterprise and private capital to invest in the oil and gas sector, and has been actively expanding its bunkering network chain worldwide in recent years.

The Hong Kong-listed company is little known to many investors. But those who have done the research, appear to be interested. The accelerated bookbuild was well received in the market...

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