SASAC Gives Nod to COSCO Shipping’s USD 1.9 Bn Share Plan

China’s State‑owned Assets Supervision and Administration Commission (SASAC) has approved COSCO Shipping Holdings’ CNY 12.9 billion (USD 1.9 billion) share issuance plan announced back in October.

Under the plan, the company intends to offer over 2 billion of its series A shares through a private placement.

The approval also relates to the subscription of 50 percent of the total number of A Shares by Cosco Shipping.

The proposed share issuance needs also to be approved by the shareholders and the China Securities Regulatory Commission (CSRC).

The transaction is planned to be completed within six months after obtaining CSRC’s approval.

As informed earlier, the company plans to use to net proceeds to fund 20 boxships under construction, six of which would have a capacity of over 21,200 TEU.

Four of the remaining vessels from the batch would have a capacity of over 14,500 TEU, five would be able to carry 13,800 TEU and the final five would have a capacity of over 20,100 TEU.

“The delivery and completion of the construction of the container vessels would enable the company to further expand the scale of its business, further optimize the planning of its shipping capacity and strengthen supports for terminals of the group along the routes under “the Belt and Road” initiative, which would enhance the company’s operating efficiency and its competitiveness in the global shipping industry,” the company said earlier.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

The Smart Ship Exchange

The Exchange will look at the issues involved with increasing autonomy in shipping with an introduction to the concept…

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >