COSCO Shipping Transfers Its Shipyards’ Stake to Buyer

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>

<< Apr 2020 >>
MTWTFSS
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

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

Europort Romania

Europort Romania is the premier maritime networking event of the Black Sea and will connect maritime technology and service suppliers with high level professionals from Romania and surrounding shipbuilding markets.

More info

read more >

MARITIME INDUSTRY 2020

The future of the maritime sector is the point of focus during Maritime Industry 2020.

read more >