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In August, the Hong Kong-listed company purchased a 51 percent stake in the oilfields from a subsidiary of Chinese home appliance maker TCL Corp. and its partners for HKD 3.342 billion in total.
In order to afford the purchase, EPI (Holdings) needed to offer 1 billion shares at a price of HKD 0.19 apiece, accounting for 19.5 percent of its enlarged capital stock, as well as HKD 840 million three-year acceptance bills, and HKD 2.312 billion two-decade convertible bonds with no interest.
After the deal is done, the seller will become the actual largest shareholder of EPI (Holdings). The oilfield assets will dive up the net assets of the buyer from HKD 1 billion to HKD 4 billion.
This month, the Hong Kong-listed company announced that it would issue 820 million shares, raising HKD 184.5 million for its operation and future business development.
Source: www.nbd.com.cn (October 29, 2009)
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