Cosco Corp to sell loss-making shipyard operations
Proposed 1.46 billion yuan divestment deal comes on back of group's Q1 net loss of S$78.93 million
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Singapore
LISTED shipping and shipyard group Cosco Corporation (S) Ltd announced after trading closed on Friday, a proposed divestment of over 1.46 billion yuan (S$300 million) for its loss-making shipyard operations as agreed with an affiliate.
Cosco Corp said a conditional sale-and-purchase agreement was entered into pertaining to the restructuring of its shipyard operations with Cosco Shipping Heavy Industry (CSHI).
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