The company, which is a unit of Mainland oil trader Sinochem Corporation, said it will use the money for business expansion, which could include both greenfield developments and acquisitions. Some of the funds may also go towards working capital or other general corporate matters.
Market sources say Sinofert is likely gearing up to buy more assets from its parent company.
Hong Kong-listed Sinofert offered 400 million new shares, or about 6.9% of its existing share capital, at...
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