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CNOOC Mulls Listing in HK, New York
A senior official with the China National Offshore Oil Co Ltd (CNOOC Ltd) said on Thursday its replanned overseas listing requires a mature market environment and proper timing.
The official, who declined to be named, told Business Weekly that the company aims to get listed in Hong Kong and New York before September and hopes to get listed sooner rather than later.
"We are readying ourselves every minute,'' he said.
"But it should be based on favourable market conditions,'' he added.
CNOOC Ltd shelved a US$1 billion issue last October after scaling down from a planned offer of US$2.5 billion through listings in New York and Hong Kong because of adverse market conditions, the official said.
"The slump in the US market in October blocked our way,'' he said.
But he also admitted that the company has been trying to improve its management and to become more transparent in its operations.
Incorporated in Hong Kong last year, CNOOC Ltd was as a subsidiary of the State-owned offshore oil and gas power China National Offshore Oil Corp, which was first founded in 1982.
CNOOC Ltd President Wei Liucheng was quoted on Wednesday by agencies as saying that the size of the new offer would be around the same as originally planned though he refused to give a figure.
Other CNOOC Ltd officials have said the relaunch was likely to be between US$1.5 billion to US$2 billion.
A number of other big Chinese State firms, including China Petrochemical Corp (SINOPEC) and China's biggest steel producer, the Shanghai Baosteel Group Co, are also reported preparing for overseas listings this year.
"We will avoid going to the market at the same time,'' the official said, but he refused to reveal exact plans.
He said he hopes a recent rebound in prices of PetrolChina's newly listed H shares would continue, which may ease pressure for CNOOC Ltd's listing.
CNOOC Ltd reported 26.1 billion yuan (US$3.14 billion) in assets at the end of last year.
It is undergoing stake replacement to prepare for the listing, the official said.
The company has placed shares worth US$210 million with the American International Group and the Singapore Government Investment Group in April.
"We are looking for more strategic investors,'' the official said. They reportedly include a major Hong Kong company, which is expected to sign a deal with CNOOC Ltd soon for another US$200 million stake transfer.
By the end of this month, CNOOC Ltd is expected to have raised a total of US$500 million through such private placements.
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