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COSCO Shipping Selling USD 2 Bn of Shares to Fund Boxships

2017-11-03 网站名称

According to the company’s stock exchange filing, the net proceeds of the sale would be used to fund the building of 20 boxships, 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 move would see the company sell over 2 billion of its Series A shares through a private placement.

As part of the issuance, the company and COSCO Shipping entered into a subscription agreement pursuant to which COSCO Shipping has conditionally agreed to subscribe for, and the company has conditionally agreed to issue, 50% of the total number of Shares A to be issued under the placement.

COSCO Shipping suspended trading of shares on October 27 and is expected to resume trading on October 31.

World Maritime News Staff


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