COSCO's Shipping Firm to Issue Shares Next Week

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Last updated at: (Beijing Time) Saturday, March 30, 2002

COSCO's Shipping Firm to Issue Shares Next Week

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The Shipping Co., Ltd of China Ocean Shipping (Group) Company (COSCO) announced Friday that it will issue 130 million shares at Shanghai Stock Exchange on April 3 with the approval of China Securities Regulatory Commission.

The company will be COSCO's first listed shipping company. COSCO has had three subsidiaries listed overseas and two listed ondomestic stock markets, but none of them are shipping operators.

These shares will be issued through computerized public bidding,with the price per share between 6.68 yuan and 7.39 yuan, with theprice earnings ratios at 17.93 to 19.83, according to the new listed company.

The major sponsor of COSCO Shipping Co., Ltd is COSCO's Guangzhou branch, and the other four major partners are all COSCO branches in the shipping sector in Guangzhou and Shenzhen.

As China's main international shipping business, COSCO has morethan 540 commercial ships with a total shipping capacity of 23 million tons, or about 46.1 percent of the international ocean shipping capacity of China.

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