Cosco Shipping Energy Transportation (CSET) has finally received approval from Chinese securities authorities for a private placement to fund a 16-tanker newbuilding programme.
In an exchange filing, the Shanghai and Hong Kong-listed company said China Securities Regulatory Commission gave the green light to the issue of up to about 806m new shares in Shanghai.
The planned issue, which has Guotai Junan Securities as lead underwriter, is equivalent to 20% of CSET’s outstanding shares.
