China Integrated Energy

XI'AN, China (AP) — China Integrated Energy Inc. said Thursday it plans to sell 8 million shares of the company's stock in a public follow-on offering.

The oil and gas company said it plans to grant the underwriters of the offering an option to buy up to 1.2 million more shares to cover over-allotments, if any. Oppenheimer & Co. will act as the sole book-running manager for the offering.

China Integrated intends to use net proceeds from the offering for the expansion of its biodiesel production capacity, wholesale distribution and retail gas station businesses, and working capital and general corporate purposes. But it said management will retain broad discretion over use of the money.

Also Thursday, China Integrated said it expects its third-quarter earnings to rise 4.4 percent, bolstered by stronger sales. It also lifted its full-year outlook.

U.S.-traded shares of the company rose 10 cents, or 1.2 percent, to $8.15 in afternoon trading.