COSCO Shipping to Sell OOIL Shares to Restore Public Float

COSCOImage Courtesy: Pixabay under CC0 Creative Commons license

COSCO Shipping Holdings Co revealed plans to sell up to 15.1 pct of the total issued share capital of Orient Overseas International Lines (OOIL).

COSCO said that the sale plan will only take place in the event the public float of OOIL falls below 25 pct as required under listing rules and to the extent that would restore public float.

The Chinese major plans to sell up to 94,494,789 OOIL shares at the sale price of HKD 78.6, bringing the total value of the sale to HKD 7.43 billion (USD 947 million).

The announcement is being made following approval from the Chinese anti-trust body for COSCO’s USD 6.3 billion takeover of OOIL at the end of June.

The approval came in the nick of time to enable COSCO to meet its previously set date for the completion of the acquisition, which was scheduled for the end of June.

Once the merger is completed, COSCO would hold 90.1% of OOIL, thus becoming the world’s third-largest container carrier. COSCO would have a combined fleet of 400 vessels, with capacity exceeding 2.9 million TEUs including orderbook.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2019 >>
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

The Smart Ship Exchange

The Exchange will look at the issues involved with increasing autonomy in shipping with an introduction to the concept…

read more >

3rd MarSat Workshop

The MARSAT project wants to operationalise and standardise EO products and aims to develop…

read more >

Global Sustainable Shipping Forum 2019

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

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >