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Home News ​OOIL to issue new shares on the market

​OOIL to issue new shares on the market

Orient Overseas International Limited (OOIL) has entered into a Placing and Subscription Agreement with Faulkner Global Holdings Limited, its immediate parent company and part of COSCO Shipping Holdings, as announced on the Hong Kong Stock Exchange on 22 January 2021.

[s2If is_user_logged_in()]Through a top-up placement of existing shares the effect will be the issuance of 11.4 million new shares by OOIL, which represents approximately 1.82% of the existing share capital of the company. The company has said that JP Morgan will manage the share sale.

While COSCO Shipping Holdings will not reduce the number of shares it holds in OOIL, this arrangement will see the entry of new institutional investors to the company’s shareholder register, from all over the world.

The net proceeds received by OOIL will be HK$923.72 million (US$120 million) and the company intends to use the proceeds from issuing the subscription shares for the money required for paying for vessels under construction and purchase of containers and related assets, or for other possible investment in the future.

In addition, OOIL, the mother-company of Orient Overseas Container Line (OOCL), will closely monitor the business of the group and the market conditions for any such investment opportunities.

“This transaction is a clear statement of the faith of COSCO Sshipping Holdings and OOIL in the enduring strong value of the dual brand strategy,” said the Hong Kong-based firm in its statement.

By issuing further shares, OOIL hopes that more trading in its stock (listed on the Hong Kong Stock Exchange with Stock Code 316) will become possible and that a larger number of potential shareholders may be attracted to consider investing in the company.

OOIL said that the Group will build on the success of the dual brand strategy both in terms of outstanding customer service and network, and also in terms of its relationship with the financial community.[/s2If]

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