Cosco Holdings raises $1.98bn in dual list move

Shanghai: China Cosco Holdings Co., the container division of China's largest shipping firm, said it raised 15.13 billion yuan ($1.98 billion) from its initial public offering of Class A shares in Shanghai yesterday.

The shares were priced at 8.48 yuan each, at the top end of the indicative range of between 7.60 yuan and 8.48 yuan.

The IPO was priced at 98.7 times 2006 earnings, based on the company's enlarged share capital, Cosco Holdings said. Cosco Holdings, headed by Wei Jiafu (pictured), is already listed on the Hong Kong stock exchange. [20/06/07]

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