Sembcorp Sells Its Stake in COSCO Shipyard Group

Singapore-based marine and offshore engineering group Sembcorp Marine has decided to sell its 30 percent equity interest in COSCO Shipyard Group.

The stake in COSCO Corporation (Singapore) Limited’s 51 percent-owned subsidiary would be purchased by shipping giant China Ocean Shipping (Group) Company (COSCO Group).

Following the completion of this transaction, Sembcorp Marine will cease to have any interest in CSG except via its investments of 4.98% shareholdings in the company.

With this acquisition, the equity interest of COSCO Group in CSG will increase from 3% to 33%, while the equity interest of COSCO Corporation in CSG will remain unchanged at 51%.

The equity interests of COSCO Group’s subsidiaries Shanghai Ocean Industrial Company and Guangzhou Ocean Investment Management Company in CSG will also remain unchanged at 8% each.

COSCO Corporation said that the completion of the disposal is conditional upon the fulfillment of certain conditions.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >