Brief: Cosco Corporation(Singapore)Ltd entered into SP agreement

COSCO Shipping International (SINGAPORE)

05/05/2017 10:13

May 5 (Reuters) - Cosco Corporation (Singapore) Limited 
 COSC.SI : 
 
    * Entered into a conditional sale and purchase agreement 
with Cosco Shipping Heavy Industry 
    * Aggregate valuation of sale shares was determined to be 
RMB 1.59 billion as at 31 december 2016 
    * Proposed disposal involves disposal of co's ship repair, 
shipbuilding and marine engineering business in PRC 
    * Agreement in relation to proposed disposal of 51pct equity 
interest in cosco shipyard group 
    * Deal in relation to proposed disposal of 50pct equity 
interest in cosco (nantong) shipyard co., ltd. 
    * Intends to use sale proceeds from proposed disposal to 
fund future projects 
    * Company to sell to purchaser 39.1pct equity interest in 
Dalian Cosco Shipyard 
    * Parties agreed that aggregate consideration of sale shares 
is RMB 1.47 billion 
    * Gain on proposed disposal is expected to be approximately 
S$360.07 million 
 
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