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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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Proposed Acquisition Of Approximately 51% Interest In The Registered Capital Of Cosco Shipyard Group Co., Ltd
The Board of directors of Cosco Corporation (Singapore) Limited ("the Company") wishes to announce that the Company has entered into a Memorandum of Understanding (the "MOU") with China Ocean Shipping (Group) Company, Guangzhou Ocean Shipping Co., Tianjin Ocean Shipping Co. and Shanghai Ocean Shipping Co., relating to the proposed acquisition by the Company of approximately 51% interest in the registered capital of Cosco Shipyard (Group) Co., Ltd ("Cosco Shipyard").
Cosco Shipyard is a company in the People's Republic of China ("PRC"), whose principal activities include ship repair and ship conversion. It has 7 shipyards in Nantong, Dalian, Guangzhou, Shanghai, Xiamen, Zhoushan and Tianjin, strategically located along the coastal line of the PRC.
The MOU sets out the understanding and intentions of the parties. The parties will negotiate in good faith the terms of the proposed acquisition and will use their best endeavours to procure the approvals of the relevant authorities and/or shareholders for the proposed acquisition. The Company will make further announcements as and when the terms of the proposed acquisition are finalised. The independent financial adviser will be appointed in due course to advise on this acquisition.
The proposed acquisition demonstrates the Company's committment to expand its core businesses in shipping and shipping related activities.
BY ORDER OF THE BOARD
COSCO CORPORATION (SINGAPORE) LIMITED