COSCO Shipping Energy Transportation to Raise 8 Billion Yuan from Share Placement

MT Newswires Live

Jul 08

COSCO Shipping Energy Transportation (HKG:1138, SHA:600026) will raise up to 8 billion yuan from a share placement plan to build energy ships, according to a Shanghai bourse filing on Tuesday.

The Chinese oil and natural gas shipment company plans to issue up to 1,431,232,918 shares to investors, with its parent, COSCO Shipping (HKG:1919, SHA:601919) committing to subscribe to 50% of the offered shares.

The Chinese securities regulator is yet to finalize the number of shares to be offered.

The proceeds will be used for the construction of six very large crude carriers (VLCCs), two liquefied natural gas (LNG) carriers, and three Aframax crude oil tankers.

The Hong Kong shares of both COSCO Shipping and COSCO Shipping Energy Transportation slipped 1% on Tuesday's late morning trade.

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