Cosco Shipping exercises right to buy shares from dissenting Cogent shareholders

COSCO Shipping International (S) Co has exercised its right to acquire shares held by dissenting shareholders of Cogent Holdings after the former's voluntary cash offer turns unconditional.

The shipping company has on Friday exercised a right of compulsory acquisition to buy out remaining Cogent shares it does not hold at S$1.02 per share, Bank of China (BOC) said on behalf of Cosco after Friday's trading hours.

BOC had announced on Jan 2 that Cosco's cash offer of S$1.02 per share for all Cogent shares had turned unconditional, with the shipping company having received valid acceptances representing 92.05 per cent of the total number of Cogent shares.

Cosco has also secured greenlight from the Singapore Exchange for the delisting of Cogent.

Cosco closed two cents down at 44 cents on Friday.