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Cosco Shipping Energy Transportation share offer raises $700m

Three subscribers are CSET’s state conglomerate parent China Cosco Shipping Corp and two of its state-owned shipbuilding partners. One is builder of four VLCCs and three suezmaxes, which are part of the 14 tanker newbuildings CSET ordered in late 2017 and seeks to finance from the share issuance

State oil and gas shipping company issued more than 730m of its Shanghai-listed shares to the three subscribers at Yuan6.98 per share

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