COSCO Shipping Energy Transportation (HKG:1138, SHA:600026) expects to raise gross proceeds of up to 8 billion yuan from a private placement, according to a Hong Kong Exchange filing on Jan. 24.
The Chinese shipping company plans to issue a maximum of 1.43 billion A shares to up to 35 investors, including COSCO Shipping Holdings (HKG:1919, SHA:601919).
COSCO Shipping will subscribe to 50% of the shares to be issued by the company.
The proceeds will be used to construct six very large crude carriers, two liquefied natural gas carriers, and three Aframax crude carriers.
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