COSCO Shipping Energy Transportation (01138) plans to increase its investment in Hainan Energy by 1.018 billion yuan for use in oil tanker construction projects.
China Merchants Energy Shipping Co., Ltd. (01138) issued an announcement stating that the company will increase the capital of its wholly-owned subsidiary, Hainan China Merchants Energy Shipping Co., Ltd. (hereinafter referred to as "Hainan Energy"), by 1.018 billion RMB. The source of funds will be the funds raised by the company in 2025 through the issuance of A shares to specific investors, which will be used for the implementation of the capital investment projects "investment in the construction of 6 VLCCs" and "investment in the construction of 3 Aframax crude oil tankers" (hereinafter referred to as "this capital increase") to make payments at milestone points.
COSCO Shipping Energy Transportation (01138) announced that the company has increased capital of its wholly-owned subsidiary Hainan COSCO Shipping Energy Transportation Co., Ltd. (referred to as "Hainan Haineng") by 1.018 billion RMB. The funds are sourced from the company's A-share issuance in 2025 to specific investors, for the purpose of implementing the fundraising investment projects "Investment in the construction of 6 VLCCs" and "Investment in the construction of 3 Aframax crude oil tankers" (referred to as "this capital increase") phased payments.
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