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>

<< May 2019 >>
MTWTFSS
29 30 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 31 1 2

Global Sustainable Shipping Forum 2019

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

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >