OOIL back to the placement market

OOIL returns to the equity markets for the second time in the space of five months.

Tung Chee Hwa's shipping company, Orient Overseas International Ltd OOIL raised HK$1.21 billion $155 million via a top-up placement after Friday's close. With UBS once again as lead manager, the company offered 47 million shares at HK$25.75.

This represented a 6.3% discount to Friday's spot close of HK$27.50 and was slightly more generous than the company's last placement in September, which raised $66 million and came at a 5.6% to the company's then close of HK$15.80 per share. However, the earlier deal was smaller and completed at a time when investors believed the stock had a lot more upside potential than it does today.

As a result...

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