Chinese oil giant CNOOC Ltd said on Monday it will raise between 28.08 billion yuan and 32.29 billion yuan ($4.41 billion to $5.08 billion) by issuing new shares, as it looks to fund the development of its offshore and onshore oil projects.
CNOOC, China's largest offshore oil producer, said it will issue between 2.60 billion and 2.99 billion shares at an issue price of 10.80 yuan per share, to strategic and public investors.
The company plans to use the proceeds to develop projects in Guyana and in China, as well as for its working capital needs.
CNOOC's shares, which are listed in Hong Kong, closed at HK$11.66 a share on Friday.
($1 = 6.3610 Chinese yuan)