Cosco Shipping Holdings plots share sale
CoscoCS boxship and bulker company asks for trading suspension pending fundraiser.
by Gary Dixon
Cosco Shipping Holdings is planning a private stock issue and has requested a halt intrading of its A shares as a result.
The Shanghai and Hong Kong-listed boxship and bulker division of the giant CoscoCS group said it wants the suspension in place in China from Friday.
This is to ensure “fair information disclosure, protect the interest of investors and avoid unusual fluctuations of the share price,” it said.
No agreement has been reached over the share sale, however, and no further details were given.
Earlier this month, the company said a mild recovery of the container market was expected to help it return to the black in the first nine months of the year.
The Chinese owner projects a profit of CNY 2.7bn ($410.3m) from January to September.
This would mark a comeback from the CNY 9.2bn loss that the company posted in the corresponding period of 2016.