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...
