COSCO Shipping Approves Up to 1.5 Billion Yuan Share Buyback

MT Newswires Live

Oct 14

COSCO Shipping's (HKG:1919, SHA:601919) board approved share repurchase plans for both A shares and H shares under previously authorized mandates, according to a Tuesday filing with the Hong Kong bourse.

The A-share buyback, to be conducted through centralized bidding on the Shanghai Stock Exchange, will cover between 50 million and 100 million shares, representing about 0.32% to 0.65% of the company's total issued capital.

The maximum repurchase price is 14.98 yuan per share, for a total consideration of up to 1.5 billion yuan, with all repurchased A shares to be cancelled.

COSCO Shipping said it will also carry out a corresponding H-share repurchase program under its Hong Kong mandate.

The company noted that the buybacks are not expected to materially affect its financial position, operations, or debt-repayment ability.

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