HONG KONG -- Chinese state-owned oil company CNOOC has priced its Shanghai stock sale at a premium of 14% to its trading price in Hong Kong, a comparatively narrow price gap that may help boost investor interest.
On Monday, the core listed unit of China National Offshore Oil Corp. said it aims to sell 2.6 billion new shares at 10.8 yuan ($1.70) each, compared with its closing price on Friday of HK$11.66 ($1.49) in Hong Kong. At this price, the offering would yield gross proceeds of 28.08 billion yuan and represent 5.5% of CNOOC's enlarged share capital.
