COSCO Shipping Energy completes private share placement raising nearly 8 bn yuan

COSCO Shipping Energy Transportation Co., Ltd. has finalized a private placement of 694,444,444 A-shares to specific investors at an issue price of 11.52 yuan per share. The total proceeds from this issuance amount to 7,999,999,994.88 yuan. After deducting underwriting and other issuance expenses of 20,489,715.56 yuan, the net proceeds are 7,979,510,279.32 yuan. This capital increase includes 694,444,444.00 yuan added to share capital and 7,285,065,835.32 yuan to capital reserves.

The offering attracted seven investors, including the company's indirect controlling shareholder, China COSCO Shipping Group Co., Ltd., which subscribed for 347,222,222 shares, representing 50% of the total issued shares. The remaining subscribers included national funds and other institutional investors. The new shares issued to China COSCO Shipping Group are subject to an 18-month lock-up period, while other investors face a 6-month lock-up. All new shares were subscribed in cash.

This issuance, approved by the China Securities Regulatory Commission and the Shanghai Stock Exchange, will increase COSCO Shipping Energy Transportation's registered capital to 5,465,220,839.00 yuan. The funds are expected to enhance the company's asset quality, strengthen its capital structure, and support its core business, ensuring sustainable growth.