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>

<< Sep 2018 >>
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

CWC World LNG & Gas Series: 10th Asia Pacific Summit

Bringing together the key LNG buyers and sellers from across the globe, the Summit provides…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

Defence Safety Conference Supported by The Defence Safety Authority, UK MoD

The Defence Safety Conference is the first of its kind exclusively dedicated to safety across the defence domain…

read more >

Singapore International Bunkering Conference and Exhibition (SIBCON)

The 20th edition of the Singapore International Bunkering Conference and Exhibition (SIBCON) will be about inspiring change…

read more >