COSCO Shipping Shutting Down Dormant Businesses

Image Courtesy: Shipspotting

COSCO Shipping International (Singapore) has decided to strike off and formally dismiss two of its dormant subsidiaries, Cos Fair Shipping and Cos Glory Shipping.

Namely, COSCO SHIPPING International said that an application was made to the Accounting and Corporate Regulatory Authority of Singapore (ACRA) by Cos Fair Shipping to strike its name off the register under Section 344 of the Companies Act. The application has recently been approved by ACRA.

Additionally, a resolution for the dissolution of Cos Glory Shipping, incorporated in the Republic of Panama, was presented to the business registry of Panama and Cos Glory Shipping has recently been dissolved, the company informed.

COSCO SHIPPING International opted for the move subsequent to the scrapping of the vessels owned by the two subsidiaries.

The striking off of Cos Fair Shipping and the dissolution of Cos Glory Shipping “are not expected to have any material impact on the net tangible assets and earnings per share of the company for the financial year ending 31 December 2017.”

None of the directors or controlling shareholders of the company has any interest, direct or indirect in the striking off of Cos Fair Shipping or the dissolution of Cos Glory Shipping.

Image Courtesy: Shipspotting

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