COSCO Shipping Holdings Raises USD 1.1 Bn

CoscoIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Hong Kong-listed COSCO SHIPPING Holdings Co., flagship of China Ocean Shipping Company, has raised USD 1.1 billion (RMB  7.7 billion) from a private share offering. 

The net proceeds were lower from the initial plan under which COSCO Shipping Holdings was aiming to collect RMB 15 billion (USD 2.1 billion).

The private share offering raised interest from nine private investors.

After completion of the proposed non-public issuance of A shares, COSCO directly holds 4.5 billion of A shares and indirectly holds 87 million of H shares through Peaktrade Investments Ltd., a wholly-owned subsidiary of COSCO SHIPPING (Hong Kong) Co.

As such COSCO holds 4.6 billion shares in total, representing 37.89% of the enlarged total issued share capital in the company, and is the direct controlling shareholder.

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.

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