Shipping-and-ports operator China Cosco Holdings Co. said it plans to issue Class A shares to raise funds for the purchase of vessels and the purchase of shares it doesn't already own in its logistics arm, the Wall Street Journal reported. The company's board has approved the proposed share issue of not more than the higher of 1.5 billion Class A shares, or 20 percent of enlarged issued share capital of China Cosco. It plans to list the shares on the Shanghai Stock Exchange in China, said the paper. The company said about six billion yuan (758.8 million US dollars) will be spent on capital expenditures for the purchase and construction of vessels. Another 1.68 billion yuan (210 million US dollars) will be used to increase the stake in its logistics arm, Cosco Logistics Group. The company intends to finance any shortfall for the projects through internal and external financial resources.