COSCO INVESTMENT SINGAPORE ISSUES SHARES

COSCO INVESTMENT SINGAPORE ISSUES SHARES

   COSCO Investment (Singapore) Ltd., a subsidiary of the China Ocean
Shipping Co. group, has raised S$50 million (US$29 million) by issuing preference shares.
   The Singapore-based company completed the issue of 33,453,283
redeemable convertible cumulative preference shares to shareholders at a subscription
price of S$1.50 each.
   The preference shares can be converted after one year to ordinary shares on a
one-to-one basis.
   A spokesman for COSCO Investment (Singapore) said that the proceeds of the
share issue will be used to repay existing bank
loans.