On July 22, COSCO SHIPPING Energy Transportation announced that it will change the implementation entity of nine oil tankers in the funded investment project to its Hainan subsidiary.
According to the announcement, The company will change the ownership of nine oil vessels under construction in its non-public A-share investment project to its wholly-owned subsidiary, COSCO SHIPPING Energy Transportation (Hainan), and use the funds raised to increase the company's capital by 2.44 billion yuan.
In March this year, The company issued about 731 million ordinary shares in the form of non-public share issuance to three specific investors at the price of 6.98 yuan per share. After deducting various issuance expenses, the net amount raised was 5.076 billion yuan.
The funds will be used for the purchase of 14 new tankers and for the purchase of two 72,000 dwt Panamax vessels.
Among them, the newly purchased 14 oil tankers include 4 VLCCs, 3 Suez tankers, 3 Aframax crude oil tankers, 2 Aframax product oil tankers and 2 Panamax crude oil tankers. The total investment in the project is 5.851 billion yuan. It is planned to invest 4.688 billion yuan of raised funds.
By the end of July 13, the total investment of the nine oil tanker projects has reached 4.373 billion yuan, and 4.495 billion yuan is planned to be invested and raised.
A total of 2.44 billion yuan will be invested and raised by the 9 oil vessels in the future as an increase in capital of COSCO SHIPPING Energy (Hainan).
Source:Sarah Yu, XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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