COSL raises $759 million from private placement

The Chinese oilfield services provider becomes the first Hong Kong-listed company to raise new equity this year.

China Oilfield Services COSL pocketed HK$5.88 billion $759 million on Tuesday night from a private placement of new H-shares, making it the first Hong Kong-listed company to raise fresh capital this year.

The deal was placed with the maximum 10 investors allowed for such private placements and was announced to the broader market only after it was completed. According to sources, the placement received good traction from existing shareholders with some of them putting in orders that were well in excess of 10% of the transaction.

Most of the new shares did end up with investors that were already on the shareholder roster but there were...

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