COSCO Pacific is to issue 166 million warrants in a move to raise $161.9 million working capital for the company and its subsidiaries. Each two-year warrant will entitle its holder to subscribe for one share of the company at $6.60 a share, to be exercised between January 1 and June 30, 1998. The underwriters, W.I. Carr Indosuez Capital Asia and Tung Shing Co - a wholly owned subsidiary of the Bank of East Asia - acted as placing agents for the private placement. The warrants have been placed with professional investors and securities dealers. Cosco Pacific is a subsidiary of the mainland-backed China Ocean Shipping Co (Cosco). Cosco sold its 50 per cent interest in Container Terminal Eight East to Cosco Pacific which bought the stake in a $2.4 billion deal. Following the acquisition, Cosco's shareholding in the company will be increased from 72 per cent to 82.1 per cent. The directors have forecast that without taking into consideration the effect of the acquisition, the after-tax consolidated profit for last year will not be less than $43.8 million.