Cosco Shipping selling HK$7.4b worth of OOIL shares to restore public float
Hong Kong
COSCO Shipping Holdings Co Ltd plans to sell HK$7.43 billion (S$1.29 billion) worth of Orient Overseas International Ltd (OOIL) shares to CK Hutchison Holdings Ltd and others, in a move to restore the required public float of OOIL.
Last week, Cosco Shipping said all pre-conditions for the offer to buy OOIL had been satisfied after receiving a decision from China's anti-monopoly watchdog "not to prohibit" the planned takeover.
The Chinese shipping group said that it would sell up to 94.49 million OOIL shares, or 15.1 per cent of the issued share capital of the container transport firm, at HK$78.67 apiece, in a deal which will only take place if the public float of OOIL falls below 25 per cent.
CK Hutchison will buy 4.99 per cent of the issued share capital of OOIL, State Development & Investment Corp Ltd will acquire 2.38 per cent, and Silk Road Fund will take 7.73 per cent.
Cosco Shipping said proceeds will be used to replenish working capital. REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
ARA H-Trust Q1 net property income up marginally to US$6.4 million
HSBC has no plans to dispose of further businesses, chairman says
JPMorgan unveils IndexGPT in next Wall Street bid to tap AI boom
Morgan Stanley, Frasers settle UK lawsuit over US$1 billion margin call
Venture posts lower Q1 net profit of S$60.1 million on weaker demand
YHI International COO and subsidiary charged with alleged failure to ensure employee safety, causing death