Hong Kong-listed China Cosco Holdings said its plan to raise US$3.25 billion through a giant share sale to its parent has been approved by the mainland's regulator.
The ports-to-container shipping firm plans to sell 1.3 billion A shares, or about 12.7 percent of its enlarged issued capital, to fund the purchase of China Ocean Shipping (Group) Co's dry-bulk cargo assets.
The company wants the entire equity interest in Cosco Bulk Carrier Co, Qingdao Ocean Shipping Co, Golden View Investment, which own and operate over 400 dry-bulk carriers, and a 41.52 percent stake in Shenzhen Ocean Shipping Co. |
