CHINA Ocean Shipping (Group) Co has revealed plans to list its container owning and operating arm Cosco Container Lines on the Hong Kong stock exchange.
The listing will be done through recently incorporated subsidiary Cosco Holdings.
Hong Kong listed entity Cosco Pacific, which is engaged in the Group¡¯s terminal and container leasing operations, informed the stock exchange that an advance booking form for the proposed listing has been submitted. ¡°Cosco will inject its entire interests in its container shipping and related businesses into Cosco Holdings,¡± Cosco Pacific said in a statement.
The re-organisation will not affect its current listing or its operations.
Cosco Pacific will continue to be the only vehicle in the group for carrying on the container leasing and terminal investment businesses.
The Hong Kong IPO is expected to raise more than $1Bn for Coscon, which has recently ordered four 10,000 TEU ships. South Korea¡¯s Hyundai Heavy Industries will build the vessels scheduled to be delivery in August 2008.