COSL's controlling shareholder plans up to CNY 500m share purchase

China National Offshore Oil Corporation (CNOOC), the controlling shareholder of China Oilfield Services (COSL) (SSE:601808), announced plans to increase its holdings of the company's A-shares and H-shares. The company will conduct the purchase through the Shanghai Stock Exchange and the Hong Kong Stock Exchange, with a planned investment of no less than CNY 300 million and up to CNY 500 million within the next 12 months. As of the date of the announcement, CNOOC directly held 2,410,847,300 A-shares and 2,000 H-shares of COSL, representing approximately 50.53% of the total share capital. The company cited confidence in COSL's future prospects as the primary reason for the increase.