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COSCO to raise RMB 2.2 bn via rights issue

Shanghai: COSCO Shipping Co Ltd, a subsidiary of China's largest shipping firm, announced today that it expected to raise around RMB 2.2 billion through a rights issue, writes China Knowledge. The company will use RMB 688 million of proceeds to fund shipbuilding. It will invest RMB 3.9 billion in total to build 18 multi-purpose boats and derrick boats.

In a statement filed with the Shanghai Stock Exchange, the firm said that it plans to issue three new shares for every ten existing shares to its shareholders, and 393.13 million new shares are expected to be sold at RMB 5.56 apiece in the deal. The firm's shareholders can subscribe to the A-share rights offering during the period from Jan. 5, 2011 to Jan.11, 2011.

In the first three quarters of this year, the firm's net profit was RMB 236 million, and its operating revenue amounted to RMB 31.9 billion, China Knowledge reported earlier.  [31/12/10]

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