Cosco Shipping terminates new share issue plan

Cosco Shipping terminates new share issue plan

Cosco Shipping has announced that it has applied with China Securities Regulatory Commission to terminate the planned issuing of RMB2.5bn ($394.5m) worth of new shares due to the ongoing restructuring deal of its parent Cosco Group.

Cosco Shipping announced the plan in January this year and it planned to use the raised funds for fleet expansion including two semi-submersible vessels and seven heavylift vessels.

Cosco Group and China Shipping Group, two state-run shipping conglomerates, are currently working on a potential merger deal with the listed subsidiaries of the two groups suspending stock trading since August. The deal is expected to be announced in November.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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