OOCL Will Issue New Shares In The Market

- Jan 26, 2021-

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According to the information announced by the stock exchange of Hong Kong on January 22, 2021, ooil has signed the placement and subscription agreement with Faulkner Global Holdings Limited. Faulkner International Holdings Co., Ltd. is the direct parent company of Orient shipping holdings and a part of COSCO Shipping holdings.

JPMorgan will be in charge of the sale, the company said.

COSCO Shipping Holdings (COSCO Shipping Holdings) will not reduce its overseas holdings, but through this arrangement, new institutional investors from all over the world will enter the company's shareholder list.

The net income of OOCL will be HK $9237.2 million (US $120 million), and the company intends to use the proceeds from the issuance of subscription shares to pay for ships under construction, purchase containers and related assets, or other possible future investments.

In addition, as the parent company of OOCL, OOCL will pay close attention to the business and market conditions of the group in order to find investment opportunities.

"This transaction clearly demonstrates the confidence of COSCO Shipping Holdings Limited and OOCL in the lasting and strong value of the dual brand strategy," the Hong Kong based COSCO Shipping said in a statement

By issuing more shares, OOCL hopes that more trading of its shares (listed on the Hong Kong stock exchange with the stock code 316) will be possible and may attract more potential shareholders to consider investing in the company.

OOCL said that the group will continue to develop on the basis of the success of its dual brand strategy in terms of excellent customer service and network, as well as its relationship with the financial sector.

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