Cosco Corp (S) down 18.7% as trading resumes after long suspension
Stock hit by loss warning; firm's fate also unclear for now as parent company's restructuring leaves out shipbuilding segment
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SHARES in Cosco Corporation (Singapore) tumbled to a multi-year low on Monday as it resumed trading after a four-month trading suspension and following its warning late last Friday of significant net losses for its fourth quarter and full year ending Dec 31, 2015.
The stock was suspended on Aug 11 pending an announcement by its parent company China Ocean Shipping (Group) Company (Cosco Group). Cosco Corp (S), which has been giving updates, said last Friday that the Chinese authorities have given in-principle approval for the proposed restructuring of Cosco Group and China Shipping Group Co (CSG).
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