China Cosco Holdings Co has received shareholder approval for the sale of 1.29bn shares to finance its mammoth shopping spree.
The Hong Kong-listed company will now hope to push through the sale of shares to its parent company and other institutional investors before the end of the year, TradeWinds has learned.
Under the proposal, China Cosco will offload 864m A shares to its parent company, China Ocean Shipping (Group) Company (Cosco) at a knock-down price of CNY 18.49
