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Sinopec Kantons to raise HK$3.49 bln via rights issue

Feb. 23, 2012 (China Knowledge) - Sinopec Kantons Holdings Ltd<0934> intends to raise HK$3.49 billion or around US$451 million via a rights issue to fund proposed acquisitions, sources reported.

The Hong Kong-listed firm will issue one new share for each one existing share held by shareholders. A total of 1.04 billion rights shares will be issued at a price of HK$3.37 apiece, a 30.94% discount to its closing price of HK$4.88 on Feb. 21.

Around 64% of the proceeds from the issue will be used to fund purchases of five joint ventures from its parent co Sinopec<600028 ><0386>, Asia's largest oil refiner, while the remainder will be invested in the development of crude-oil terminals, oil storage facilities and logistics.

Merrill Lynch Far East has been assigned as the underwriter.

Last year, Sinopec Kantons' net profit increased 9.1% year on year to HK$213.5 million. Earnings per share grew from 18.9 HK cents to 20.6 HK cents. Sales revenue for 2011 totaled HK$19.7 billion, more than HK$16.6 billion in 2010. A final dividend of HK$0.02 was declared.

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