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COSCO Shipping Energy plans $814 mln share sale
November 1, 2017 / 1:01 AM / a month ago

COSCO Shipping Energy plans $814 mln share sale

HONG KONG, Nov 1 (Reuters) - COSCO Shipping Energy Transportation Co Ltd said it would issue 5.4 billion yuan ($814 million) worth of shares, to fund construction of 14 oil tankers and to complete the purchase of other two oil tankers.

The shipping group plans to issue 806.41 million A shares to up to 10 investors. Its state-owned parent, China COSCO Shipping Corp Ltd, will buy 4.2 billion yuan worth of shares, it said in a filing to the Hong Kong bourse on Wednesday.

Trading of its A shares in Shanghai and H shares in Hong Kong will resume on Wednesday. Its Shanghai shares were halted from trade on Oct. 27, and H-shares were suspended on Oct. 31.

$1 = 6.6 yuan Reporting by Donny Kwok; Editing by Edwina Gibbs

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