Cosco Shipping Energy plans A-share private placement in 2025

COSCO SHIPPING Energy Transportation Co., Ltd. has announced plans for a private placement of A-shares in 2025, targeting no more than 35 specific investors, including its indirect holding company, China Ocean Shipping Company. The issuance aims to raise funds for the construction of six VLCCs (Very Large Crude Carriers), two LNG (Liquefied Natural Gas) transport ships, and three Aframax crude oil tankers. The total investment is estimated at CNY10,918.42 million, with CNY8,000 million planned to be raised through this issuance. The number of shares issued will not exceed 30% of the company's total share capital prior to this issuance. COSCO SHIPPING will subscribe for 50% of the offered A-shares and the final offering price will be set based on competitive bidding with a floor price of 80% of the average share price in the 20 trading days before the issue date. The validity period for the stock issuance resolution is twelve months from the date of approval by the shareholders' meeting. The plan is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission.