Cosco Shipping Energy Transportation (CSET) is set to raise CNY 8bn ($1.1bn) to buy 11 vessels — six VLCCs, two LNG carriers and three aframax crude carriers.
The Shanghai-listed company will issue more than 1.4m ‘A’ shares, it said in a Hong Kong Stock Exchange filing.
‘A’ shares are usually listed on the Shanghai Stock Exchange.
Chinese maritime giant Cosco Shipping will scoop up 50% of the shares, with the rest made available to 34 other target subscribers.
