COSCO Shipping Co.>, China's leading shipping company, said on Thursday that the company will offer RMB 1.05 billion of convertible bonds on Jan. 28, and convertible bonds worth of RMB 1000 each will be attached to 49 free detachable warrants, source reported.
The six-year bonds will carry a coupon between 0.8% and 1.3%. Former shareholders have priority to subscribe bonds, and subscribers will be able to acquire one share with two warrants in 18 months.
The company disclosed that capital raised through the issuance will be used to purchase four 27,000-ton multi-purpose carriers through a Hong Kong subsidiary at a price of RMB 370 million and two 50,000-ton vessels.
COSCO Shipping Co. reported a climbing net profit of RMB 583 million in 2007 from RMB 1.07 billion of a year before, surging 84%. The revenue has climbed 38% to RMB 533 million in 2007.
Shares of COSCO hit the limit high at RMB 42.14 yesterday. Insiders attribute the hike to the company's optimistic profit report and its scheduled bonds and warrants issuance next week.
The six-year bonds will carry a coupon between 0.8% and 1.3%. Former shareholders have priority to subscribe bonds, and subscribers will be able to acquire one share with two warrants in 18 months.
The company disclosed that capital raised through the issuance will be used to purchase four 27,000-ton multi-purpose carriers through a Hong Kong subsidiary at a price of RMB 370 million and two 50,000-ton vessels.
COSCO Shipping Co. reported a climbing net profit of RMB 583 million in 2007 from RMB 1.07 billion of a year before, surging 84%. The revenue has climbed 38% to RMB 533 million in 2007.
Shares of COSCO hit the limit high at RMB 42.14 yesterday. Insiders attribute the hike to the company's optimistic profit report and its scheduled bonds and warrants issuance next week.