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OOIL raises $120m to fund newbuilds and containers

Hong Kong-listed company will generate funds through a top-up placing, under which its largest shareholder Cosco Shipping will sell its existing shares in the subsidiary to independent investors, then subscribe for the same amount of additional new shares

OOIL says the proceeds will be used to fund vessels under construction, purchase containers or for other possible investments in the future. JP Morgan has been designated as both the deal manager and the seller’s agent

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