OOCL parent raises $150 million in equity

OOCL parent raises $150 million in equity    Orient Overseas (International) Ltd., the parent company of OOCL, is raising about HK$1.2 billion ($150 million) in equity through the placement of 47 million new shares.
   The sale, underwritten by UBS Investment Bank, will dilute the shareholding of the Tung family, which controls the company, from 74.44 percent to 67.67 percent of the issued capital of OOIL.
   The new shares represent 9.09 percent of the company’s issued capital.
   Last year, OOIL had repurchased 9.1 percent of its shares from Hutchison Whampoa, the Hong Kong-based telecommunications-to-port group, for HK$460.2 million ($59 million).
   The latest transaction appears to reverse the effect of the share purchase from Hutchison Whampoa, while providing additional cash to OOIL thanks to an increase in the company’s share price.