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China COSCO to commence public offer in HK

  HONG KONG, June 19 (Xinhuanet) -- China COSCO Holdings Company Limited, one of the leading global providers of integrated container shipping services and China's largest container shipping company, announced here Sunday that it would commence public offer to Hong Kong retail investors next Monday (June 20).

  China COSCO's global offering of 2,244 million H shares consists of a Hong Kong public offer of initially 224.4 million H shares and an international offering of initially 2,019.6 million H shares, representing 10 percent and 90 percent of the total offer shares respectively.

  The offer price will be not more than 5.75 HK dollars per H share and is expected to be not less than 4.25 HK dollars per H share, with the final price currently expected to be determined by 5:00 p.m. on June 25 Hong Kong time. Shares will be traded in board lots of 500 H shares.

  The Hong Kong public offer will commence at 9:00 on Monday (June 20) and will close at 12:00 noon on Friday (June 24). Dealingin the H shares of China COSCO on the Main Board of The Stock Exchange of Hong Kong Limited is expected to commence at 9:30 a.m.on June 30.

  "During the past ten years, China's container shipping volume has grown at an average annual rate of about 28.5 percent. This growth is closely tied with the strong performance of China's economy and external trade as well as the rapid containerization of the shipping industry," Wei Jiafu, Chairman of China COSCO saidon Sunday.

  "China COSCO is the leader in China's container shipping industry and was the world's seventh largest container shipping company at the end of 2004 in terms of ship capacity. We operate an extensive network of sales and service points in China and 65 other countries and regions," Chen Hongsheng, President of China COSCO said.

  "From container shipping, container terminal operations and container manufacturing and leasing, to freight forwarding, shipping agency and logistics services, we believe that China COSCO's full range of businesses generates substantial synergy, and reduces the company's exposure to cyclical changes in the container shipping business," he added.

  The Hong Kong and Shanghai Banking Corporation Limited and UBS AG are the joint global coordinators and joint sponsors for the global offering and the joint sponsors for the Hong Kong public offer.

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