Cosco Shipping Development Raises CNY1.46 Bln in Private Placement


Cosco Shipping Development Co. said it has raised 1.46 billion yuan ($229.0 million) in a private placement.

The Chinese shipping company issued 530.4 million new shares at CNY2.76 apiece, it said Monday.

Investors included the company’s current largest shareholder, China Shipping Group Co., which will remain the controlling shareholder after the deal.

Cosco Shipping Development plans to use the proceeds on technological upgrades of various facilities as well as for working-capital needs.

Source: Market Watch