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Cosco Corp (S) requests for trading suspension
COSCO Corporation (Singapore) requested to suspend the trading of its stocks on the Singapore Exchange before the market closed on Tuesday.
The Singapore-listed subsidiary of China Cosco Shipping Corporation (China Cosco) said that it is not able to ascertain how proposed restructuring of the shipbuilding business of its Chinese parent may impact the trading of its securities on the Singapore bourse.
Consequently, "it will not be appropriate for trading in the company's securities to continue until the company is notified by China Cosco of its final restructuring plans", it said.
The company has requested for transforming the trading halt that took effect on Dec 19 into a trading suspension.
China Cosco's move to centralise its shipyard businesses has renewed market speculation about a possible delisting of Cosco Corp from the Singapore bourse.