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SHANGHAI, Aug 21 (Reuters) - Shipbuilder China Rongsheng Heavy Industries has snapped up a majority interest in a company searching for oil in Kyrgyzstan, marking a move into oil exploration amid headwinds in its core shipbuilding business.

Rongsheng said on Thursday it had, through a subsidiary, bought a 60 percent share in New Continental Oil & Gas Co. Ltd for HK$ 2.184 billion ($281.82 million). New Continental, together with Kyrgyzstan’s national oil company, operates four oilfields in the country.

In the announcement, which came after Hong Kong markets shut, Rongsheng said it will finance the deal by issuing 1.4 billion shares at a premium of 12.23 percent to its Thursday closing share price of HK$ 1.39 per share.

“Given the relatively adverse market conditions for shipbuilding industry for the time being, the acquisition can assist the group in diversifying operations and broadening its source of revenue,” Rongsheng said in the statement.

The oilfields, in the Central Asian country of Kyrgyzstan that borders China, sit adjacent to the Fergana Valley where Rongsheng said a recent third-party reserve survey had found abundant oil and gas resources. The geological reserve of crude oil in such oilfields amounted to 276 million tons in aggregate, the firm said.

Rongsheng last year appealed to the government for financial help. In March it agreed with banks to extend loans and other financing. (1 US dollar = 7.7496 Hong Kong dollar) (Reporting by Brenda Goh; Editing by Muralikumar Anantharaman)

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SHANGHAI, Aug 21 (Reuters) - Shipbuilder China Rongsheng Heavy Industries has snapped up a majority interest in a company searching for oil in Kyrgyzstan, marking a move into oil exploration amid headwinds in its core shipbuilding business.

Rongsheng said on Thursday it had, through a subsidiary, bought a 60 percent share in New Continental Oil & Gas Co. Ltd for HK$ 2.184 billion ($281.82 million). New Continental, together with Kyrgyzstan’s national oil company, operates four oilfields in the country.

In the announcement, which came after Hong Kong markets shut, Rongsheng said it will finance the deal by issuing 1.4 billion shares at a premium of 12.23 percent to its Thursday closing share price of HK$ 1.39 per share.

“Given the relatively adverse market conditions for shipbuilding industry for the time being, the acquisition can assist the group in diversifying operations and broadening its source of revenue,” Rongsheng said in the statement.

The oilfields, in the Central Asian country of Kyrgyzstan that borders China, sit adjacent to the Fergana Valley where Rongsheng said a recent third-party reserve survey had found abundant oil and gas resources. The geological reserve of crude oil in such oilfields amounted to 276 million tons in aggregate, the firm said.

Rongsheng last year appealed to the government for financial help. In March it agreed with banks to extend loans and other financing. (1 US dollar = 7.7496 Hong Kong dollar) (Reporting by Brenda Goh; Editing by Muralikumar Anantharaman)

Afghanistan (USD $)Åland Islands (USD $)Albania (USD $)Algeria (USD $)Andorra (USD $)Angola (USD $)Anguilla (USD $)Antigua & Barbuda (USD $)Argentina (USD $)Armenia (USD $)Aruba (USD $)Ascension Island (USD $)Australia (USD $)Austria (USD $)Azerbaijan (USD $)Bahamas (USD $)Bahrain (USD $)Bangladesh (USD $)Barbados (USD $)Belarus (USD $)Belgium (USD $)Belize (USD $)Benin (USD $)Bermuda (USD $)Bhutan (USD $)Bolivia (USD $)Bosnia & Herzegovina (USD $)Botswana (USD $)Brazil (USD $)British Indian Ocean Territory (USD $)British Virgin Islands (USD $)Brunei (USD $)Bulgaria (USD $)Burkina Faso (USD $)Burundi (USD $)Cambodia (USD $)Cameroon (USD $)Canada (USD $)Cape Verde (USD $)Caribbean Netherlands (USD $)Cayman Islands (USD $)Central African Republic (USD $)Chad (USD $)Chile (USD $)China (USD $)Christmas Island (USD $)Cocos (Keeling) Islands (USD $)Colombia (USD $)Comoros (USD $)Congo - Brazzaville (USD $)Congo - Kinshasa (USD $)Cook Islands (USD $)Costa Rica (USD $)Côte d’Ivoire (USD $)Croatia (USD $)Curaçao (USD $)Cyprus (USD $)Czechia (USD $)Denmark (USD $)Djibouti (USD $)Dominica (USD $)Dominican Republic (USD $)Ecuador (USD $)Egypt (USD $)El Salvador (USD $)Equatorial Guinea (USD $)Eritrea (USD $)Estonia (USD $)Eswatini (USD $)Ethiopia (USD $)Falkland Islands (USD $)Faroe Islands (USD $)Fiji (USD $)Finland (USD $)France (USD $)French Guiana (USD $)French Polynesia (USD $)French Southern Territories (USD $)Gabon (USD $)Gambia (USD $)Georgia (USD $)Germany (USD $)Ghana (USD $)Gibraltar (USD $)Greece (USD $)Greenland (USD $)Grenada (USD $)Guadeloupe (USD $)Guatemala (USD $)Guernsey (USD $)Guinea (USD $)Guinea-Bissau (USD $)Guyana (USD $)Haiti (USD $)Honduras (USD $)Hong Kong SAR (USD $)Hungary (USD $)Iceland (USD $)India (USD $)Indonesia (USD $)Iraq (USD $)Ireland (USD $)Isle of Man (USD $)Israel (USD $)Italy (USD $)Jamaica (USD $)Japan (USD $)Jersey (USD $)Jordan (USD $)Kazakhstan (USD $)Kenya (USD $)Kiribati (USD $)Kosovo (USD $)Kuwait (USD $)Kyrgyzstan (USD $)Laos (USD $)Latvia (USD $)Lebanon (USD $)Lesotho (USD $)Liberia (USD $)Libya (USD $)Liechtenstein (USD $)Lithuania (USD $)Luxembourg (USD $)Macao SAR (USD $)Madagascar (USD $)Malawi (USD $)Malaysia (USD $)Maldives (USD $)Mali (USD $)Malta (USD $)Martinique (USD $)Mauritania (USD $)Mauritius (USD $)Mayotte (USD $)Mexico (USD $)Moldova (USD $)Monaco (USD $)Mongolia (USD $)Montenegro (USD $)Montserrat (USD $)Morocco (USD $)Mozambique (USD $)Myanmar (Burma) (USD $)Namibia (USD $)Nauru (USD $)Nepal (USD $)Netherlands (USD $)New Caledonia (USD $)New Zealand (USD $)Nicaragua (USD $)Niger (USD $)Nigeria (USD $)Niue (USD $)Norfolk Island (USD $)North Macedonia (USD $)Norway (USD $)Oman (USD $)Pakistan (USD $)Palestinian Territories (USD $)Panama (USD $)Papua New Guinea (USD $)Paraguay (USD $)Peru (USD $)Philippines (USD $)Pitcairn Islands (USD $)Poland (USD $)Portugal (USD $)Qatar (USD $)Réunion (USD $)Romania (USD $)Russia (USD $)Rwanda (USD $)Samoa (USD $)San Marino (USD $)São Tomé & Príncipe (USD $)Saudi Arabia (USD $)Senegal (USD $)Serbia (USD $)Seychelles (USD $)Sierra Leone (USD $)Singapore (USD $)Sint Maarten (USD $)Slovakia (USD $)Slovenia (USD $)Solomon Islands (USD $)Somalia (USD $)South Africa (USD $)South Georgia & South Sandwich Islands (USD $)South Korea (USD $)South Sudan (USD $)Spain (USD $)Sri Lanka (USD $)St. Barthélemy (USD $)St. Helena (USD $)St. Kitts & Nevis (USD $)St. Lucia (USD $)St. Martin (USD $)St. Pierre & Miquelon (USD $)St. Vincent & Grenadines (USD $)Sudan (USD $)Suriname (USD $)Svalbard & Jan Mayen (USD $)Sweden (USD $)Switzerland (USD $)Taiwan (USD $)Tajikistan (USD $)Tanzania (USD $)Thailand (USD $)Timor-Leste (USD $)Togo (USD $)Tokelau (USD $)Tonga (USD $)Trinidad & Tobago (USD $)Tristan da Cunha (USD $)Tunisia (USD $)Turkey (USD $)Turkmenistan (USD $)Turks & Caicos Islands (USD $)Tuvalu (USD $)U.S. Outlying Islands (USD $)Uganda (USD $)Ukraine (USD $)United Arab Emirates (USD $)United Kingdom (USD $)United States (USD $)Uruguay (USD $)Uzbekistan (USD $)Vanuatu (USD $)Vatican City (USD $)Venezuela (USD $)Vietnam (USD $)Wallis & Futuna (USD $)Western Sahara (USD $)Yemen (USD $)Zambia (USD $)Zimbabwe (USD $)