COSCO Shipping Transfers Its Shipyards’ Stake to Buyer

Image Courtesy: Cosco Shipyard

COSCO Shipping International (Singapore) has finalized the agreed transfer of shares in its shipyard assets to COSCO Shipping Heavy Industry.

The development refers to an agreement, reached between the parties in May 2017, by which COSCO Shipping International sold a 51% equity interest in COSCO Shipyard Group, a 50% equity interest in COSCO (Nantong) Shipyard and a 39.1% equity interest in COSCO (Dalian) Shipyard.

In an effort to centralize operations and management, the company disposed of the shipyard assets for a price of CNY 1.46 billion (USD 222 million).

The move is expected to enable the company “to exit from a loss-making business and create cash for investment in potential future new businesses, substantially reduce the company’s debt and improve the company’s financial position,” Gu Jing Song, Vice Chairman and President of the company, earlier said.

The company informed that it intends to use the sale proceeds from the disposal to fund future projects, which may include mergers and acquisitions, and for working capital requirements of the group.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2018 >>
MTWTFSS
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 1 2 3 4

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 >

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Shippax Ferry Conference 2018

The two-day onboard ferry conference was first organized in 2003 and grows ever more popular with some 400 delegates from over 40 ferry…

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 >