China COSCO Holdings Co Ltd (1919.HK: Quote, Profile, Research) (601919.SS: Quote, Profile, Research) said on Tuesday it would buy dry bulk shipping operating assets from its controlling shareholder, China Ocean Shipping (Group) Co, for 34.61 billion yuan (US$4.59 billion).
The Hong Kong-listed container shipping concern said the deals would be funded by proceeds from an A-share issue, bank borrowing and internal resources.
China COSCO said it would buy the entire marine dry bulk shipping firm COSCO Bulk Carrier Co Ltd, the marine cargo shipping firm Qingdao Ocean Shipping Co (COSCO Qingdao), and a 41.52 percent stake in marine dry bulk shipping and freight forwarding firm Shenzhen Ocean Shipping Co (COSCO Shenzhen) for 15.98 billion yuan.
The company said it would buy another 6.35 percent stake in COSCO Shenzhen from Guangzhou Ocean Shipping Co, a unit of its controlling shareholder, for 125.28 million yuan.
China COSCO also said its COSCO Pacific Investment unit would buy the entire Golden View Investment Ltd from COSCO (Hong Kong) Group, a unit of its controlling shareholder, for 18.50 billion yuan.
Golden View holds the entire marine dry bulk shipping firm COSCO (Hong Kong) Shipping Co Ltd. For details please see http://main.ednews.hk/listedco/listconews/sehk/20070904/LTN20070904002.pdf
In a filing with the Shanghai Stock Exchange, China COSCO said it planned to issue up to 1.3 billion local currency A shares in a private placement worth more than $3 billion for major acquisitions.
The shares were planned to be sold to its parent and 9 other institutional investors at prices of 18.49 yuan each or more, raising more than 24 billion yuan ($3 billion), the listed flagship of China's premier shipping conglomerate said.
The Hong Kong-listed container shipping concern said the deals would be funded by proceeds from an A-share issue, bank borrowing and internal resources.
China COSCO said it would buy the entire marine dry bulk shipping firm COSCO Bulk Carrier Co Ltd, the marine cargo shipping firm Qingdao Ocean Shipping Co (COSCO Qingdao), and a 41.52 percent stake in marine dry bulk shipping and freight forwarding firm Shenzhen Ocean Shipping Co (COSCO Shenzhen) for 15.98 billion yuan.
The company said it would buy another 6.35 percent stake in COSCO Shenzhen from Guangzhou Ocean Shipping Co, a unit of its controlling shareholder, for 125.28 million yuan.
China COSCO also said its COSCO Pacific Investment unit would buy the entire Golden View Investment Ltd from COSCO (Hong Kong) Group, a unit of its controlling shareholder, for 18.50 billion yuan.
Golden View holds the entire marine dry bulk shipping firm COSCO (Hong Kong) Shipping Co Ltd. For details please see http://main.ednews.hk/listedco/listconews/sehk/20070904/LTN20070904002.pdf
In a filing with the Shanghai Stock Exchange, China COSCO said it planned to issue up to 1.3 billion local currency A shares in a private placement worth more than $3 billion for major acquisitions.
The shares were planned to be sold to its parent and 9 other institutional investors at prices of 18.49 yuan each or more, raising more than 24 billion yuan ($3 billion), the listed flagship of China's premier shipping conglomerate said.