Cosco Corp fate clouded by parent's merger
Market awaits clarity on whether it would be delisted from SGX as part of the deal
Singapore
THE fate of Singapore-listed Cosco Corporation (S) looks uncertain as the proposed merger between the shipping businesses of its Chinese parent, China Ocean Shipping (Group) Company (Cosco Group), and China Shipping Group Co (CSG) was reportedly granted the regulatory green light to proceed.
Reuters reported that China's State Council said on its website on Friday that a merger of the two conglomerates has been approved. According to Caixin magazine, the State Council has specifically granted approval for the combined entity, to be named China Cosco Shipping Group (CCSG), to be headquartered in Shanghai.
As one DBS analyst said, details of the diverse businesses spanning tankers, dry bulkers, container shipping and shipbuilding between the two Chinese co…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Global equity funds see surge in outflows as rate cut hopes fade
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
Global wave of consultancy layoffs has not hit Singapore
P&G raises annual core profit forecast on resilient demand, price hikes
American Express beats profit estimates on strong spending by wealthy customers
Sheng Siong shareholders press for details on capital allocation, M&A opportunities