2021-02-02 09:32

OOIL Announces Plans to Issue New Shares on the Market



Orient Overseas (International) Limited (“OOIL”) is pleased to report that the company has entered into a Placing and Subscription Agreement with Faulkner Global Holdings Limited, our immediate parent company and part of COSCO SHIPPING Holdings, and JP Morgan, as announced on the Hong Kong Stock Exchange on 22nd January, 2021.
 
Through Top-up placement of existing shares, the effect of this 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. 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 our shareholder register, from all over the world.
 
The net proceeds received by OOIL will be HK$923.72 million, which is approximately US$120 million. The company intends to use the proceeds from issuing the Subscription Shares for the money required for paying the vessels under construction and purchase of containers and related assets, or for other possible investment in the future. The Company 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 SHIPPING Holdings and OOIL in the enduring strong value of the Dual Brand strategy. By issuing further shares, it is hoped that more trading in OOIL stock (listed on the Hong Kong Stock Exchange with Stock Code 316) will become possible, and that more and more potential shareholders may be attracted to consider investing in OOIL, based on the Group’s long-standing market reputation, competitive position and performance over the years.
 
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 our relationship with the financial community. Through enhancing OOIL’s reputation and market presence in a measured, intelligent and steady manner, we will work to bring further benefits to our entire group and all of its shareholders.   

< Korea Shipping Gazette >

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