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Cosco completes S$490m cash buyout acquisition of Cogent Holdings

FOLLOWING the announcement earlier this month that Cosco Shipping International's voluntary cash offer for shares of Cogent Holdings had turned unconditional, the offeror on Tuesday said it has completed the S$490 million compulsory acquisition.

Bank of China, acting on behalf of Cosco, said in a filing: "The transfer of all the shares of all the dissenting shareholders to the offeror has been effected and payment for such shares has been despatched."

The offer price for Cogent Holdings was at S$1.02 per share.

"Following the compulsory acquisition, Cogent Holdings has become a wholly-owned subsidiary of the offeror and will be delisted from the official list of the SGX-ST."

The delisting will take effect from 9am on March 8, 2018, Cogent said.