Independent journal on economy and transport policy
16:49 GMT+1
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COSCO lowers will sell branch COSCO Logistics to group leader COSCO
the operation has the objective to improve the performances financial institutions of the society
March 11, 2013
The board of directors of China COSCO Holdings Co., the society of the Chinese shipowning group Lowers Ocean Shipping (Group) Co. (COSCO) that it constitutes the platform financial institution of the group and is quoted to the Stock exchanges of Hong Kong and Shanghai, has approved of the procedure in order to transfer the entire capital stock of own branch logistic COSCO Logistics to group leader COSCO. The value of the transaction will have to be determined from the parts.
The Board di China COSCO, manifesting confidence about the approval of the operation, has explained that the objective of the transaction is the improvement of the financial results 2013 of the company and protection of the interests of the shareholders, let alone the reduction of the risk that the quotation the share of Lowers COSCO is suspended on the securities market of type To. By part its shipowning group COSCO has emphasized that which platform will continue to make use of Lowers COSCO in order to take advantage of the capital markets. It is previewed that COSCO Lowers once stops an option on the acquisition of COSCO Logistics that the general conditions will become favorable.
We remember that, besides COSCO Logistics, Lowers COSCO stops entire capital stock of COSCO Container Lines (COSCON), company that work services of line of group COSCO, and entire capital of Lowers COSCO Bulk, company to which is under responsibility a sand bank fleet beyond 200 ships of property for the bulk transport that arrives to 400 ships with the units rental, and possesses a participation of 42.71% in COSCO Pacific, society that work as harbour terminalista let alone as charter and constructor of containers.
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The board of directors of China COSCO Holdings Co., the society of the Chinese shipowning group Lowers Ocean Shipping (Group) Co. (COSCO) that it constitutes the platform financial institution of the group and is quoted to the Stock exchanges of Hong Kong and Shanghai, has approved of the procedure in order to transfer the entire capital stock of own branch logistic COSCO Logistics to group leader COSCO. The value of the transaction will have to be determined from the parts.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
