CHINA Cosco Holdings 计划用发行15亿A股募到的7.6亿美元购买新的集装箱船并收购总集团的物流公司。

HONG KONG 03 October - China Cosco Holdings is planning to use the $760M

raised through the issuing of 1.5Bn A-shares to buy new container

vessels and acquire the logistics arm of parent Cosco Group. Company

officials were unavailable for comment, but a statement to the Hong Kong

Exchange, signed by company secretary Zhang Yongjian, said the proceeds

of the sale would further enhance "the container shipping capacity of

the group and its leadership position in the global container shipping

industry". The company said it also expected the acquisition of Cosco

Logistics to establish its position as the largest and leading logistics

operator in China. The statement said any shortfall in the proceeds

raised by the share sale would be financed by the "internal and/or

external financial resources of the group". The issue price per share

will be determined by market conditions at the time. The company plans

to use $750M for the purchase and construction of vessels and $200M will

be spent on acquiring the 51% stake of Cosco Logistics from its parent.

Approval from shareholders will be sought on 20 November and once

granted will remain valid for a year. The A-shares, restricted to

mainland Chinese investors, will represent 20% of the enlarged issued

share capital of the company. Target subscribers are public investors

and institutional investors on the Shenzhen and Shanghai stock

exchanges.