OOIL completes placement

Tung Chee Hwa''s shipping company cleans up its capital structure.

Orient Overseas International Ltd OOIL completed a 29 million share placement yesterday Wednesday in a bid to bring its freefloat back to the 25% mark. UBS led the $66 million transaction, which accounted for 5.6% of the company's issued share capital.

The deal was priced at HK$15 per share, representing a 5% discount to the stock's HK$15.80 close. The offering follows an announcement in early August that the company was buying back 9.08% of its issued share capital from two subsidiaries of Cheung Kong and Hutchison Whampoa.

As a result of the buy-back, OOIL's freefloat dropped to 19.4% and the new deal sees the Cheung Kong stake being...

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