Sino Aus­tralia Oil & Gas de­fers IPO by 3 months

China Daily (Hong Kong) - - BUSINESS -

Sino Aus­tralia Oil & Gas Ltd, a Chi­nese drilling ser­vices com­pany, de­ferred a pro­posed ini­tial pub­lic of­fer­ing in Syd­ney by as much as three months cit­ing a pe­riod of “mar­ket volatil­ity” in Asia. Sino Aus­tralia, based in Daqing in north­east China, plans to com­plete the of­fer by Oct 4 and to start trad­ing by Oct 25, Wayne John­son, a Syd­ney-based di­rec­tor, said on Mon­day. That com­pares with its pre­vi­ous ex­pec­ta­tion of July 5 af­ter which it re­quested an ex­ten­sion. The com­pany ex­pects to raise A$15 mil­lion ($14 mil­lion) to A$20 mil­lion, John­son said. The com­pany said in May it plans to sell 24 mil­lion shares at 50 cents a share to raise A$12 mil­lion, while a fur­ther A$8 mil­lion in shares may also be sold.

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