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SCMP Reporter

SEAUNION was the best performer yesterday after announcing a deal to buy a Husky Oil subsidiary.

  The stock rose 4.5 cents, or 21.4 per cent, to 25.5 cents on a turnover of $9.69 million as 37.35 million shares changed hands making it the most actively traded share of the day in shares traded.

  Seaunion announced on Wednesday night plans to buy an Indonesian oil producer, Global Select, from Li Ka-shing controlled Husky Oil for $183.3 million.

  The company will finance the acquisition through a rights issue, a share placement and a note issue which will raise $185.5 million.

  If the deal is approved, Seaunion will have to re-list as a new company because the move constitutes a substantial acquisition under the listing rules.

  Trading in Seaunion shares had been suspended since May 25.

  Dongfang Electric remained a heavily traded stock yesterday, after listing on Monday.

  It was the sixth most heavily traded stock in turnover terms at $114.14 million.

  In share terms it was the second most active stock as 33.28 million shares changed hands.

  The stock rose 15 cents to $3.50.

  Under the issue, 112.5 million H shares were offered to the public. They were 14.1 times oversubscribed. On its first day of trading, the stock closed at $3.175, 24.5 cents above the issue price of $2.83.

  It was also the second most heavily traded stock of the day on its debut, with $166.96 million in turnover.

  Regal International was heavily traded as it rose 3.5 cents to $2.025 on a turnover of $35.55 million as 17.74 million shares changed hands.

  Guangzhou Investment saw a turnover of $23.88 million as 9.8 million shares changed hands. The stock fell five cents to $2.425.

  For the second consecutive day, Harbour Ring was relatively well traded with a turnover of $15.66 million as 8.89 million shares changed hands. The stock dropped one cent to $1.74. The warrant fell one cent to 51 cents on turnover of $9.87 million as 18.46 million of the instruments changed hands.



Seaunion sparkles on news of oil buyout