Second time lucky for Brightoil placement

Chinese energy company finally gets cash to expand further into the upstream oil and gas sector after pulling an earlier equity deal at the end of March.

China's Brightoil Petroleum Holdings finally managed to raise funds from a top up placement after Thursday's close in Hong Kong, one month after pulling a similar deal because it was unhappy with the demand generated. 

This time round, the Territory's second largest, listed independent oil and gas producer was able to buck difficult markets and raise HK$1.29 billion $167 million from a 590.1 million primary share deal. This comprised a base deal size of 475.6 million shares and 50% of an upsize option, which added a further 114.5 million shares.

The deal was marketed at a fixed price of HK$2.20 per share, which represented...

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