CHINA Cosco Holdings Co (stock code: 600428) will buy the world's largest fleet of dry-bulk ships from its parent for 34.6 billion yuan (US$4.6 billion) because of China's rising imports of iron ore and other raw materials.

The shipping line will buy 412 vessels, it said in a statement to Hong Kong's stock exchange yesterday. China Cosco will sell 864.3 million Shanghai-listed A shares to its parent for 16 billion yuan to help pay for the purchase. The shares will be sold at 18.49 yuan each, or 15 percent less than the closing price on July 25, before the stock was suspended.