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CNOOC Engineering to issue 260m new shares

(Agencies)
Updated: 2008-09-11 16:03

China Offshore Oil Engineering Co Ltd, also known as CNOOC Engineering, said it has received approval from the China Securities Regulatory Commission to issue up to 260 million new shares.

It did not provide further details.

In January, the company announced plans to place 60-130 million new A-shares with up to 10 institutional investors as well as its parent company, with proceeds to go towards buying or manufacturing floating cranes, as well as supplementing working capital.

Parent China National Offshore Oil Corp (CNOOC) will buy at least 30 percent of the issue. Its purchase is subject to a holding period of 36 months.

CNOOC Engineering closed down 2.63 percent at 13.33 yuan yesterday.