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COSCO SHIPPING International (Singapore) Co., Ltd. (“COSCO SHIPPING” or the “Company” and together with its subsidiaries, the “Group”) aims to become the best-integrated logistics service provider in South and Southeast Asia. The Company is also involved in dry bulk shipping, ship repair and marine engineering, as well as property management.
News
Acquisition Of Two Subsidiaries
The Board of Directors of Cosco Investment (Singapore) Limited ("the Company") wish to announce that on 8 November 2003 the Company's wholly-owned subsidiary, Cosco (Singapore) Pte Ltd had acquired all the issued and paid-up share capital of each of the companies, COS ORCHID SHIPPING INC. ("COS ORCHID") and COS PROSPERITY SHIPPING INC. ("COS PROSPERITY"), comprising 2 shares of US$1.00 each, for a consideration of US$2.00. With effect from 8 November 2003, COS ORCHID and COS PROSPERITY became the wholly-owned subsidiaries of Cosco (Singapore) Pte Ltd.
Each of the two subsidiaries, COS ORCHID and COS PROSPERITY will on 26 November 2003 enter into a Shipbuilding Contract with NANTONG COSCO KHI SHIP ENGINEEERING CO., LTD ("NANTONG COSCO") to purchase from NANTONG COSCO one newbuilding 55,500 metric tons deadweight Type Bulk Carrier each known as Hull No. NE039 and NE040 respectively to be built by NANTONG COSCO in China, at a purchase price of US$18,500,000.00 for each vessel. The construction of the vessels are expected to be completed by third quarter of 2006.
Details of the two subsidiaries are as follows:-
A Name of Company : COS ORCHID SHIPPING INC.
Date of Incorporation : 27 October 2003
Place of Incorporation : Panama
Authorised Capital : US$10,000.00 divided into 10,000 ordinary shares
of US$1.00 each
Issued and paid-up capital : US$2.00
Principal activities : Shipping and shipping related activities
Directors : Ji Haisheng
He Gang
Liu De Tian
Description of vessel : 55,500 metric tons deadweight Type Bulk Carrier
known as Hull Number NE039
B Name of Company : COS PROSPERITY SHIPPING INC.
Date of Incorporation : 27 October 2003
Place of Incorporation : Panama
Authorised Capital : US$10,000.00 divided into 10,000 ordinary shares
of US$1.00 each
Issued and paid-up capital : US$2.00
Principal activities : Shipping and shipping related activities
Directors : Ji Haisheng
He Gang
Liu De Tian
Description of vessel : 55,500 metric tons deadweight Type Bulk Carrier
known as Hull Number NE040
The acquisition of the two subsidiaries is in line with the Company's focus on shipping and shipping related activities and to gradually build up a fleet of vessels. The acquisition will not have an impact on the net earnings per share and net tangible assets per share of the Company for the financial year ending 31 December 2003.
None of the directors or substantial shareholders of the Company has any interest, direct or indirect, in the transaction or in the parties to the transaction.