The company said in a stock market release that it would issue not more than 806,406,572 A shares, comprising 30% of the existing A shares issued, which would be issued to not more than 10 specific subscribers including Cosco Shipping.
Cosco Shipping has also undertaken to submit to a lock-up period of 36 months from the issue of the shares when it will not be able to sell the shares. Other subscribers would be subject to a one-year lock-up period.
Cosco Shipping Energy plans to use RMB4.99bn for the construction of 14 oil tankers and the RMB410m for the purchase of two panamax tankers previously agreed to.
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