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CNOOC to Boost Stake in China Oilfield Services with Major Shareholding Increase Plan

Story Highlights
  • CNOOC plans to increase its stake in China Oilfield Services by buying more shares.
  • The shareholding increase reflects confidence in future prospects but faces market risks.
  • Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.

Protect Your Portfolio Against Market Uncertainty

China Oilfield Services ( (HK:2883) ) has shared an update.

China Oilfield Services Limited announced that its controlling shareholder, China National Offshore Oil Corporation (CNOOC), plans to increase its shareholdings in the company by purchasing additional A shares and H shares over the next 12 months. This Shareholding Increase Plan, valued between RMB300 million and RMB500 million, will be executed through centralized price bidding and trading systems in Shanghai and Hong Kong. The move reflects CNOOC’s confidence in the company’s future prospects and aims to strengthen its market position. However, the plan’s implementation is subject to market conditions and regulatory requirements, with potential risks of partial or non-implementation.

More about China Oilfield Services

China Oilfield Services Limited is a joint stock limited liability company incorporated in the People’s Republic of China. It operates in the oilfield services industry, providing services primarily related to offshore oil exploration and production. The company is a subsidiary of China National Offshore Oil Corporation (CNOOC), which is its controlling shareholder.

YTD Price Performance: -12.00%

Technical Sentiment Signal: Strong Buy

Current Market Cap: $7.2B

See more data about 2883 stock on TipRanks’ Stock Analysis page.

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