Cosco Shipping has announced that it has received approval from China Securities Regulatory Commission for a new share issue plan it applied in 2015.
The heavy lift specialist will issue 456m new shares to its parent Cosco Group and First Seafront Fund to raise RMB2.5bn ($380m).
The funds will be used for the construction of two semi-submersibles and seven heavylift vessels, in addition to repaying bank loans.
Cosco and China Shipping Group is currently working on a merger, and Cosco Shipping will transfer its bulker assets to China Shipping Development and focus on special purpose vessels after the merger.
