Thumping vote for Cosco's 1.46b yuan yard divestment

More than 98% of minority shareholder votes at EGM back divestment of yard business

Published Wed, Aug 30, 2017 · 09:50 PM

Singapore

THE minority shareholders of mainboard-listed Cosco Shipping International (S) Co has overwhelmingly given it the green light to proceed with the 1.46 billion yuan (S$300.3 million) divestment of its loss-making yard operations.

At an extraordinary general meeting (EGM) on Wednesday, 98.42 per cent in votes representing over 162.8 million shares held in the company were cast in favour of the proposed divestment, Cosco said in an announcement after trading hours.

China Ocean Shipping (Group) Co and China Cosco Shipping Corp have abstained from voting. China Ocean Shipping (Group) Company is Cosco's largest shareholder, with almost 1.2 billion shares. China Cosco Shipping Corp holds a deemed, indirect interest in Cosco through China …

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