Shanghai and Hong Kong-listed VLCC giant Cosco Shipping Energy Transportation has revealed progress in a group share purchase scheme as stock values plunge globally.
The Chinese state-backed owner said parent Cosco Shipping Group has been increasing its stake over the last six months, spending a total of CNY 696m ($95m) on A shares in Shanghai.
These deals have been carried out under a six-month mandate granted on 21 October, using bespoke loans and the group’s own funds, Cosco Shipping Energy added.
