China National Offshore Oil Corp's (CNOOC) revived share sale has received a strong boost from leading investment companies including the AIG group of companies and the private equity arm of the Singapore Government.
AIG Asian Infrastructure Fund II, GIC Special Investments - controlled by the Government of Singapore Investment Corp (GIC) - and American International Assurance will buy a combined US$210 million worth of CNOOC shares.
CNOOC gave no details of the shareholding level it will represent as part of the listing.
The placement was a prelude to the relaunch of the float of the mainland's largest offshore oil producer in New York and Hong Kong, expected in a fortnight.
CNOOC aborted a US$2.5 billion flotation in October because of poor market conditions.
Company officials yesterday said the latest accord with the US$1.7 billion AIG Fund and GIC, which manages Singapore's foreign reserves, could mark the beginning of a number of similar arrangements in future.
CNOOC relaunch was made more difficult amid recent market volatility with the tech-heavy sector bearing the brunt of the sell-out. Concerns about wariness of the so-called old economy stocks and big mainland state companies also added to the uncertainty.
