COSCO Gets Nod to Merge Financing Units

Image Courtesy: Pixabay

China’s COSCO SHIPPING Development is to merge its subsidiaries CS Finance and COSCO Finance as it received an approval for the move from its Board of Directors on November 13.

Pursuant to the approval, the company said that CS Finance will absorb and merge with COSCO Finance. Upon completion, CS Finance will continue as the surviving company and be renamed as COSCO SHIPPING Finance.

COSCO Finance will cease to exist as a legal entity and become a branch of COSCO SHIPPING Finance, while the assets, liabilities, businesses and employees of the firm will be succeeded by the new entity.

Additionally, the post-merger shareholders, including COSCO SHIPPING Development, entered into the shareholders agreement on November 13 to govern their respective rights and obligations in the merged unit.

As part of the merger, China Shipping and COSCO company will simultaneously transfer their respective equity interests in COSCO SHIPPING Finance, directly owned by them, to COSCO SHIPPING at nil consideration.

Once finalized, the registered capital of COSCO SHIPPING Finance will be the aggregate of the registered capital of CS Finance and COSCO Finance prior to the merger, being CNY 2.8 billion (USD 421.5 million).

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2018 >>
MTWTFSS
26 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 1 2 3 4 5 6

Singapore Maritime Technology Conference and Exhibition (SMTC) 2018

The 3rd Singapore Maritime Technology Conference and Exhibition (SMTC) 2018 is organized by the Maritime and Port Authority of Singapore…

read more >

Singapore Maritime Week 2018

Singapore Maritime Week (SMW), organised annually by Maritime and Port Authority of Singapore (MPA) and attracts…

read more >

8th Dredging & Land Reclamation World Summit 2018

The 8th Dredging and Land Reclamation Summit 2018 will gather the decision makers from Authorities and Operators responsible for ports…

read more >

Shipping 360

This course is ideal for those who have recently joined the maritime sector and those who need to have a better understanding…

read more >