Thumping vote for Cosco's 1.46b yuan yard divestment
More than 98% of minority shareholder votes at EGM back divestment of yard business
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.
China Ocean Shipping (Group) Co and China Cosco Shipping Corp have abstained from voting. China Ocean Shipping (Group) Company is Cosco's largest shareholder, with almost 1.2 billion shares. China Cosco Shipping Corp holds a deemed, indirect interest in Cosco through China …
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
US: Nasdaq, S&P tumble as Netflix, chip stocks drag
Europe: L’Oreal gains cap third week of declines
Telegram messaging service to allow Tether stablecoin payments
Hong Kong regulator to probe PwC auditing role over Evergrande
US: S&P, Dow open flat as Middle East jitters ease, Netflix weighs on Nasdaq
DBS puts 46 retail units, HDB shops on market for S$210 million