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CNOOC Decides IPO Relaunch in First Quarter 2001
CNOOC Ltd., a listing vehicle of China National Offshore Oil Corp., has decided to relaunch its IPO in Hong Kong and New York in the first quarter of 2001.
"We have every confidence that we will be able to structure a sound strategy to meet our goals." said Chengyu Fu, Executive Director and COO of the company.
Currently the company has secured US$460 million of private placements from a number of strategic investors, which breaks down into US$210 million from the Government of Singapore Investment Corp. and the American International Group Asian, US$200 million from Hutchison Whampoa Ltd. and Hong Kong Electric Holdings Ltd., and US$50 million from a consortium consisting of CDC Capital Partners and the General Enterprise Management Services Ltd.
The company has added two new board members, Meng Ann Lim, senior vice president of GIC Infrastructure Pte Ltd., and Tso Kai-sum, group managing director of the Hong Kong Electric Holdings Ltd., in a move to increase transparency and international management experience.
CNOOC Ltd. is the largest producer of oil and gas offshore China. The company is a limited liability company incorporated in Hong Kong and majority owned by China National Offshore Oil Corp.
The company withdrew its scheduled US$2.5 billion dual float in Hong Kong and New York in the face of adverse market conditions last October.
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