A 51%-owned subsidiary of COSCO Corporation (Singapore), Cosco Shipyard Group Co., Ltd, is currently exploring expansion of its sources of funding and optimising its asset structure, the company’s parent said in a stock exchange filing.
“The process is still at a very preliminary stage and there is no certainty as to whether the matter will materialise,” the company told the Singapore Exchange Securities Trading Limited in an explanation to the unusual price movements in the company’s shares.
COSCO Corporation was approached by the Singapore Exchange Securities Trading Limited on 22 December 2015 regarding the price movements, seeking explanation. Such trading activity is usually connected to events that are potentially material and pricesensitive, such as discussions and negotiations that may lead to joint ventures, mergers, acquisitions or purchase or sale of a significant asset.
“Save for the foregoing, the company is not aware of any information not previously announced concerning the company, its subsidiaries or associated companies which, if known, might explain the trading,” COSCO said.
Further details on the potential asset structure optimization are yet to be disclosed.