On March 18, COSCO Shipping Energy Transportation issued an announcement saying that the company had issued 730 million shares of non-public stock and raised a total of approximately 5.1 billion yuan.

COSCO Shipping Energy Transportation said that the funds raised will be used to purchase 14 new tankers and two 72000 ton Panamax tankers.

COSCO Shipping Corporation is the indirect controlling shareholder of COSCO Shipping Energy Transportation . The number of shares subscribed this time accounts for 82.35% of the total issued amount, and the total subscribed amount is about 4.2 billion yuan. After the completion of this subscription, COSCO Shipping Corporation 's shareholding in COSCO Shipping Energy Transportation increased from 38.56% to 45.28%.

Dalian Shipbuilding Industry participated in the subscription of 11.76% of the total issued shares, with a total subscription amount of about 600 million yuan; Hudong Zhonghua participated in the subscription of 5.88% of the total issued shares, with a total subscription amount of about 300 million yuan.

Source:Sarah Yu,XINDE MARINE NEWS

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