China COSCO to issue shares

China COSCO to issue shares    China COSCO Holdings Co. Ltd., parent company of COSCO Container Lines and majority owner of port operator COSCO Pacific, will issue 1.5 billion A-shares in order to invest in new ships and to take over the outstanding shares in COSCO Logistics.
   The conglomerate said the share issue would represent 19.6 percent of its enlarged share capital.
   COSCO Pacific holds a 49 percent stake in COSCO Logistics, and China COSCO said it will spend RMB 1.68 billion ($236 million) to buy the outstanding 51 percent from state-owned parent COSCO Group. It will also invest about RMB 6 billion ($759.5 million) to buy and build vessels for its liner carrier.
   The plan is subject to approval from shareholders and Chinese authorities.