Orient Overseas International Limited’s US$120 Million Top Up Placing


Slaughter and May, Hong Kong, advised Orient Overseas (International) Limited.

The transaction concerned the company’s top-up placing of 11,400,000 existing shares (representing approximately 1.82% of the issued share capital of OOIL) and top-up subscription by the controlling shareholder of 11,400,000 new shares (representing approximately 1.79% of the enlarged issued share capital of OOIL) to raise HK$932.52 million (US$120 million).

The placing was announced on 22 January 2021.

The net proceeds of the top-up subscription will be used by OOIL for paying the vessels under construction and purchase of containers and related assets, or for other possible investment in the future.

The subscription shares will be issued under the general mandate granted by the shareholders of OOIL.

OOIL is one of the largest container shipping companies in the world and has been listed on the Main Board of the Hong Kong Stock Exchange since 1992 (Stock Code: 316). The OOIL Group is principally engaged in the provision of container transport and logistic services.

Slaughter and May’s team included Benita Yu (Picture), Partner, John Moore, Partner, Jianhao Zheng, Counsel, Clare Tsang, Associate, Yitian Jin, Associate and Florence Ha, Trainee.

Involved fees earner: Yitian Jin – Slaughter and May; John Moore – Slaughter and May; Clare Tsang – Slaughter and May; Benita Yu – Slaughter and May; Jianhao Zheng – Slaughter and May;

Law Firms: Slaughter and May;

Clients: Orient Overseas (International) Limited;

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Author: Michael Patrini