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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.

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Acquisition Of Two Subsidiaries - COS Orchid Shipping Inc. And COS Prosperity Shipping Inc.

BackNov 21, 2003

Further to our announcement dated 18 November 2003 in relation to the acquisition of two subsidiaries, COS Orchid Shipping Inc ("COS Orchid") and COS Prosperity Shipping Inc. ("COS Prosperity"), the Board of Directors wishes to announce that the 2 new subsidiaries, COS Orchid and COS Prosperity will enter into a Conditional Shipbuilding Contract with Nantong COSCO KHI Engineering Co., Ltd ("Nantong COSCO") on 26 November 2003 to purchase from Nantong COSCO one new building 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 for each vessel. The construction of the vessels is expected to be completed by third quarter of 2006.

The Board of Directors also wishes to inform that the above transactions fall under the category of "interested person transactions" of Chapter 9 of the Listing Manual as the ultimate holding company of Cosco Investment (Singapore) Ltd., i.e. China Ocean Shipping (Group) Company owns 100% of the equity interest of COSCO Industry Co. which in turn owns 50% of the equity interest of Nantong COSCO.

The background information of Nantong COSCO is as follows:-

     

i) Place of incorporation : Nantong, China
ii) Authorised capital : US$80,000,000-00
iii) Issued and paid-up capital : US$80,000,000-00
iv) Shareholders : COSCO Industry Co. (50%)
Kawasaki Shipbuilding corporation (50%)
v) Directors : Mr Li Jianhong, Ms Sun Yueying,
Mr Liang Yanfeng, Mr Wang Xiaodong,
Mr Zhang Minghua, Mr Xu Kai,
Mr Syuichi Tadakoro (Vice Chairman),
Mr Masakazu Sato, Mr Nobuichi Kozai,

                        Mr Tomokazu Taniguchi, Mr Nobumitsu Kambayashi and Mr Shinichi Murakami.


The purchase consideration of US$18,500,000 for each of the Shipbuilding Contract will be satisfied partly from the internally generated funds and partly from bank financing.

The aggregate value of the above transactions to be entered into during the financial year amounts to US$37,000,000 or 35.8% of the Group's Net Tangible Assets ("NTA") of $179,091,000 as at 31 December 2002.

As the above transactions exceed the threshold of 5% of the Group's NTA, the Company will be seeking shareholders' approval.

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