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02883 CHINA OILFIELD
RTNominal up8.880 +0.010 (+0.113%)
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13/04/2018 11:27

China Oilfield buys RMB1.4bn wealth management product

[ET Net News Agency, 13 April 2018] China Oilfield Services (02883) said its has agreed
to purchase wealth management product of RMB1,400 million, using self-owned funds, from
Shanghai Pudong Development Bank, Beijing Branch.
The product carries a term of 185 days (13 April 2018 to 15 October 2018), with risk
level of nil or minimal risk and a annualized rate on return of 5.05%.
China Oilfield said the reasonable and efficient use of temporary idle funds will
enhance the overall capital gain of the company. The impact of risk factors on the
expected rates of return of the wealth management agreements is low, but the company can
get a higher return compared with fixed term deposits in commercial banks in the PRC. (KL)

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