CHK Oil Limited Announces HK\$18.27 Million Share Placing to Strengthen Financial Position
Key Highlights
- Placing of up to 87,000,000 new shares at HK\$0.21 each, representing up to 10.01% of the existing issued share capital.
- Gross proceeds expected to be approximately HK\$18.27 million; net proceeds estimated at HK\$17.35 million after expenses.
- Majority of proceeds (74.9%, or HK\$13.0 million) earmarked for partial settlement of outstanding loan from controlling shareholder Xin Hua Petroleum (HK) Limited.
- Balance (25.1%, or HK\$4.35 million) allocated for business operation and general working capital.
- The Placing Price represents a discount of 16.0% to the last closing price and 17.6% to the 5-day average.
- Placing conducted under the General Mandate; no further shareholder approval required.
- Placing will widen shareholder base and is expected to improve liquidity and reduce gearing.
Detailed Announcement
On 5 June 2026, CHK Oil Limited (Stock Code: 632) announced a major share placing exercise, appointing Patrons Securities Limited as the Placing Agent to place up to 87,000,000 new shares at HK\$0.21 per share. The Placing is being conducted on a best-efforts basis to not less than six independent third-party investors, ensuring no new substantial shareholder will emerge from the transaction.
The new Placing Shares represent approximately 10.01% of the company’s existing issued share capital and about 9.10% of the enlarged share capital post-placement. The shares will be allotted under the General Mandate approved at the Company’s 2025 AGM, meaning no further shareholder vote is required.
Pricing and Financial Impact
The Placing Price of HK\$0.21 is set at a 16.0% discount to the closing price of HK\$0.25 on the Placing Agreement date and a 17.6% discount to the average closing price over the previous five trading days (HK\$0.255). After deducting the 4% placing commission and related expenses, the net proceeds are expected to be HK\$17.35 million, or about HK\$0.199 per share. The aggregate nominal value of the maximum Placing Shares is HK\$17.4 million (par value HK\$0.20 per share).
Use of Proceeds and Strategic Rationale
- Partial Loan Repayment: Approximately HK\$13.0 million (74.9%) will be used to partially repay a loan from Xin Hua Petroleum (HK) Limited, the controlling shareholder, which currently stands at approximately HK\$26.97 million. This repayment is targeted to be completed by 10 July 2026.
- Working Capital and Operations: The remaining HK\$4.35 million (25.1%) will be reserved for business operations and general working capital, to be used by 31 December 2026.
Management believes this Placing offers an efficient means of raising funds at lower cost and within a shorter time frame compared to other alternatives, while also reducing debt and improving the Group’s gearing ratio. The wider shareholder base and improved liquidity are also expected to benefit the Company and its shareholders.
Shareholding Structure Before and After Placing
| Shareholder | Current Shares | Current % | Post-Placing Shares | Post-Placing % |
|---|---|---|---|---|
| Xin Hua (controlling shareholder) | 552,220,206 | 63.52% | 552,220,206 | 57.74% |
| Directors & Others | 9,726,000 | 1.12% | 9,726,000 | 1.02% |
| Placees (new investors) | 0 | 0% | 87,000,000 | 9.10% |
| Other Public Shareholders | 307,407,468 | 35.36% | 307,407,468 | 32.15% |
| Total | 869,353,674 | 100% | 956,353,674 | 100% |
Key Terms and Risks
- Placing Agent: Patrons Securities Limited, fully independent from the Company.
- Placing Commission: 4% of the gross amount placed.
- Completion Conditions: Subject to Stock Exchange approval for listing, accuracy of representations, and all Placing Agreement conditions being fulfilled.
- Termination Provisions: Placing Agent may terminate under adverse market, legal, or company-specific developments, or if representations are inaccurate or undertakings breached.
- Timing: Completion must occur within five business days after all conditions are met (or otherwise agreed in writing).
- Potential Price Sensitivity: The significant discount, potential dilution, and improvement in financial position are all factors that could impact the Company’s share price, both positively (improved balance sheet, lower gearing, enhanced liquidity) and negatively (dilution, discount to market).
Recent Fundraising History
The Company has not conducted any other equity fundraising in the past 12 months, highlighting the significance of this transaction.
Important Notes for Investors
- Completion is not guaranteed: The Placing is subject to several conditions and may not proceed. Investors should exercise caution when dealing in the Company’s shares.
- No further shareholder approval is required: The shares are being placed under the existing General Mandate.
- Potential for significant changes in public float and liquidity: The entry of new investors could affect trading dynamics.
Company Background
CHK Oil Limited is principally engaged in the exploration, exploitation, and sale of oil and natural gas, as well as the trading of oil, oil-related, and other products.
Disclaimer
This article is for informational purposes only and does not constitute investment advice. The share placing is subject to market risks and completion conditions. Investors should conduct their own due diligence and consult professional advisors before making any investment decisions.
中港石油有限公司宣佈配售新股集資1,827萬港元，強化財務狀況（粵語版）
重點摘要
- 配售最多87,000,000股新股，每股作價0.21港元，佔現有股本約10.01%。
- 預期集資總額約1,827萬港元；扣除開支後淨額約1,735萬港元。
- 74.9%（約1,300萬港元）將用於償還控股股東新華石油（香港）有限公司的部分貸款。
- 餘下25.1%（約435萬港元）將用作營運及一般營運資金。
- 配售價較協議日期收市價有16%折讓，較前五日平均價折讓17.6%。
- 配售將於普通授權下進行，毋須進一步股東批准。
- 配售有望擴大股東基礎、提升股份流通量及降低槓桿。
公告詳情
2026年6月5日，中港石油有限公司（編號：632）宣佈委任百隆證券有限公司為配售代理，按「盡力而為」基準向不少於六名獨立第三方投資者配售最多87,000,000股新股，每股作價0.21港元，確保不會出現新主要股東。
是次新股配售將佔現有已發行股份總數約10.01%，配售完成後約9.10%。股份將根據2025年股東周年大會通過的普通授權發行，毋須再經股東批准。
定價及財務影響
配售價每股0.21港元，較協議當日收市價0.25港元折讓16%，較過去五個交易日平均價0.255港元折讓17.6%。扣除4%配售佣金及相關開支後，預期淨集資額為1,735萬港元，每股約0.199港元。最大配售股份名義總值為1,740萬港元（每股0.20港元）。
資金用途及戰略意義
- 償還部分控股股東貸款：約1,300萬港元（74.9%）將用於於2026年7月10日前部分償還新華石油（香港）有限公司貸款（現時約2,697萬港元）。
- 營運及流動資金：餘下435萬港元（25.1%）將於2026年12月31日前用於營運及一般流動資金。
管理層認為，配售是集資效率高、成本低的途徑，有助減低債務及槓桿比率，並擴大股東基礎及提升股份流通性，有利公司及全體股東。
配售前後股權結構
| 股東 | 現有股份 | 現有% | 配售後股份 | 配售後% |
|---|---|---|---|---|
| 新華石油（控股股東） | 552,220,206 | 63.52% | 552,220,206 | 57.74% |
| 董事及其他 | 9,726,000 | 1.12% | 9,726,000 | 1.02% |
| 配售投資者 | 0 | 0% | 87,000,000 | 9.10% |
| 其他公眾股東 | 307,407,468 | 35.36% | 307,407,468 | 32.15% |
| 總計 | 869,353,674 | 100% | 956,353,674 | 100% |
主要條款及風險
- 配售代理：百隆證券有限公司，與公司獨立。
- 配售佣金：配售總額的4%。
- 完成條件：須獲聯交所批准上市、聲明真確無誤及所有協議條件達成。
- 終止安排：如發生重大不利變化、虛假陳述或違反承諾，配售代理可終止協議。
- 完成時限：所有條件達成後5個工作天內（或另行書面協定）。
- 潛在敏感性：配售折讓、攤薄及財務狀況改善均可能影響股價，視乎市場反應。
近期集資活動
公司過去12個月未有任何其他股權集資，突顯今次配售的重要性。
投資者重要提示
- 配售未必完成：須達成多項條件，建議投資者審慎。
- 毋須再經股東批准：配售於現有普通授權下進行。
- 公眾持股及流動性或有變化：新投資者加入或影響股份交易狀況。
公司背景
中港石油有限公司主要從事石油及天然氣勘探、開採及銷售，以及石油、相關產品及其他商品貿易。
免責聲明
本文僅供參考，並不構成投資建議。配售存市場風險及完成條件，投資者應自行審慎評估及諮詢專業人士後作出投資決定。
