COSCO Shipping Energy Transportation to Raise Proceeds of Up to 8 Billion Yuan Via Share Placement

MT Newswires Live

Sep 09

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

The Chinese oil and natural gas shipment company will issue up to 1,431,232,918 shares to up to 35 investors.

The proceeds will be used to construct six very large crude carriers, two liquefied natural gas carriers, and three Aframax crude oil tankers.

The company's Hong Kong shares rose over 1% during afternoon trade.

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