Cosco Corp to sell loss-making shipyard operations

Proposed 1.46 billion yuan divestment deal comes on back of group's Q1 net loss of S$78.93 million

Published Fri, May 5, 2017 · 09:50 PM

Singapore

LISTED shipping and shipyard group Cosco Corporation (S) Ltd announced after trading closed on Friday, a proposed divestment of over 1.46 billion yuan (S$300 million) for its loss-making shipyard operations as agreed with an affiliate.

Cosco Corp said a conditional sale-and-purchase agreement was entered into pertaining to the restructuring of its shipyard operations with Cosco Shipping Heavy Industry (CSHI).

CSHI is a wholly-owned subsidiary of China Cosco Shipping Corporation, an indirect controlling shareholder of Cosco Corp. Cosco Corp had agreed to part with equity interests of 51 per cent in Cosco Shipyard Group, 50 per cent i…

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