Shanghai regulators have approved plans by China Merchants Energy Shipping to launch a Yuan5.8bn ($734m) initial public offering.
The China Securities Regulatory Commission confirmed that its review committee had approved the firm’s IPO application. This was also confirmed by the firm’s parent China Merchants Group today.
China Merchants Energy Shipping plans to issue 1.2bn ‘A’-shares to domestic investors that will be listed in Shanghai. The company said it will earmark Yuan5.07bn of the proceeds will finance the expansion of its tanker fleet with Yuan651m used to acquire an unspecified number of liquefied natural gas (LNG) carriers. The firm’s tanker fleet comprises six very large crude carriers, seven aframax and one suezmax tankers that are operated through offshoot Hong Kong Ming Wah Shipping and managed by Associated Maritime Company (Hong Kong).
China Merchants Energy Shipping, in which China Merchants Group has an 82% stake, was formed in early 2005 as a joint venture between five companies.
The China Securities Regulatory Commission confirmed that its review committee had approved the firm’s IPO application. This was also confirmed by the firm’s parent China Merchants Group today.
China Merchants Energy Shipping plans to issue 1.2bn ‘A’-shares to domestic investors that will be listed in Shanghai. The company said it will earmark Yuan5.07bn of the proceeds will finance the expansion of its tanker fleet with Yuan651m used to acquire an unspecified number of liquefied natural gas (LNG) carriers. The firm’s tanker fleet comprises six very large crude carriers, seven aframax and one suezmax tankers that are operated through offshoot Hong Kong Ming Wah Shipping and managed by Associated Maritime Company (Hong Kong).
China Merchants Energy Shipping, in which China Merchants Group has an 82% stake, was formed in early 2005 as a joint venture between five companies.