COSCO Shipping to Issue Bonds With Warrants

COSCO Shipping Co Ltd said its board has approved a proposal to issue up to 1.05 bln yuan ($138 mln) worth of six-year bonds with warrants, to finance some projects.

The company said in a statement that the bonds will have face value of 100 yuan each and that subscribers will receive call warrants for every bond.

No further details were provided.

The company said 370 mln yuan of the issue proceeds will be invested for construction of four multi-purpose vessels, while the remaining 680 mln will be invested in a project to build two semi-submersible vessels.