China Cosco Shipping Holdings has announced that it has completed a private offering to nine specific investors and raised a total of RMB7.72bn ($1.1bn).
The proceeds raised from the offering is lower than the company’s original plan to raise RMB12.9bn ($1.94bn), which was announced at the end of October 2017.
Cosco plans to use the proceeds to fund the construction of 20 mega containerships and expansion of its global port network.
Earlier this month, Cosco Shipping Ports entered into an agreement to invest $225m to acquire a 60% stake in the port of Chancay in Peru, making its first foray into South America.
According to VesselsValue, Cosco currently owns a fleet of 728 ships and has another 55 newbuildings on order.