Thumping vote for Cosco's 1.46b yuan yard divestment

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.