China In-Focus: China Integrated Energy Sells 750,000 Overallotment Shares
November 20, 2009 (FinancialWire) — China Integrated Energy, Inc. (NASDAQ: CBEH), a non-state-owned integrated energy company in the People’s Republic of China, said it closed the sale of an additional 750,000 shares of common stock at the public offering price of $5.75 per share, pursuant to the over-allotment option exercised in full by the underwriter in connection with its public offering.
Oppenheimer & Co. (NYSE: OPY) acted as sole book-running manager for the offering.
The exercise of the over-allotment option brings the total number of shares sold by China Integrated in this public offering to 5.75 million and total net proceeds of the public offering of around $31 million.
China-based China Integrated Energy is a non-state-owned integrated energy company in the PRC engaged in three business segments, the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel and the operation of retail gas stations.
The company’s primary business segment is the wholesale distribution of finished oil and heavy oil products. The company also operates a 100,000-ton biodiesel production plant and seven retail gas stations in China.
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