HONG KONG May 2 Sinopec Kantons Holdings
, a logistics and trading unit of state-owned Sinopec,
plans to raise up to $353 million in a stock offering, according
to a term sheet of the deal seen by Reuters on Thursday.
The company is offering 412.5 million new shares in an
indicative range of HK$6.36-6.63 each, equivalent to a discount
of as much as 7 percent to the close on Thursday. That would put
the total deal at HK$2.73 billion.
The sale was done through a so-called top-up placement, with
Sinopec Kantons controlling shareholder initially selling
existing shares and subscribing to the same number of new shares
at the same price being issued by Sinopec Kantons.
Bank of America Merrill Lynch, JPMorgan and
Nomura Holdings were hired as joint bookrunners on the
deal, the term sheet said.