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...
