Stock Track | COSCO SHIP ENGY Plummets 5.47% on Share Sale Plan to Fund Expansion

Stock Track

Jan 27

COSCO SHIP ENGY, the Hong Kong-listed energy transportation company, saw its shares plummet by 5.47% in intraday trading on Monday.

The stock price decline came after the company announced plans to raise funds through a share sale to expand its LNG shipping capacity. COSCO Shipping Energy Transportation Co Ltd, the Shanghai-listed subsidiary, intends to issue up to 1.43 billion new A-shares to specific target subscribers, including its indirect controlling parent China COSCO SHIPPING Corp.

The share sale aims to raise 8 billion yuan (approximately $1.1 billion) to invest in building 11 new carriers, increasing the company's LNG shipping capacity. Investors reacted negatively to the share dilution, causing the stock price to drop sharply on the day.

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COSCO Shipping Energy Transportation Co Ltd, the Shanghai-listed subsidiary, intends to issue up to 1.43 billion new A-shares to specific target subscribers, including its indirect controlling parent China COSCO SHIPPING Corp.</p>\n\n<p>The share sale aims to raise 8 billion yuan (approximately $1.1 billion) to invest in building 11 new carriers, increasing the company's LNG shipping capacity. 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