COSCO Shipping International (Singapore) Co. it sells own navalmeccaniche activities to the controlling COSCO Shipping



COSCO Shipping International (Singapore) Co., the naval society of constructions and repairs quoted to the Stock exchange of Singapore that is controlled by the Chinese shipowning group Lowers COSCO Shipping that possesses 53.35% of the share capital of the company of Singapore, has introduced today a plan for the cession of the own entire navalmeccanica division to the COSCO Shipping Heavy Industry, society integrally controlled from same group COSCO Shipping.

The plan previews the cession to COSCO Shipping Heavy Industry of the entire participation of COSCO Shipping International (Singapore) Co. in the COSCO Shipyard Group, that it is pairs to 51.0% of the capital. COSCO Shipyard Group, that it takes part of group COSCO Shipping, possesses six ship yards situated to Nantong, Qidong, Dalian, Zhoushan, Guangdong and Shanghai. The plan includes also the sale of entire share quota (50.0%) prisoner from COSCO Shipping International (Singapore) Co. in the COSCO (Nantong) Shipyard, society that in its turn is participated to 50% from the same COSCO Shipyard Group and that it possesses a ship yard of 334 thousand square metres to Nantong and work activity of repair and naval conversion and ingegneristici services for the offshore industry. Moreover the plan previews the cession of the entire participation, pairs to 39.1% of the capital, the COSCO Shipping International (Singapore) Co. in the COSCO (Dalian) Shipyard, society that is participated to 59% from the same COSCO Shipyard Group and manages to Dalian a building site, naval repairs and conversions and offers ingegneristici services to the offshore industry.

The three quotas will be yielded for a total of 1,46 billion yuan (USA 212 million dollars), of which 1,19 billion yuan for COSCO Shipyard, 279 million for Nantong COSCO Shipyard and an yuan for Dalian COSCO Shipyard

"COSCO Shipping lowers - vice chairman and president of COSCO Shipping International (Singapore) Co., Gu Jing Song has said, explaining the motivations that have lead to the decision to sell the navalmeccaniche activities - is restructuring own activities in the shipbuilding field of the naval one centralizing of the operations and the management. The cession will allow with the society to exit from a segment of activity in loss and to create resources in order to invest in potential new activity substantially reducing the indebtedness of the company and improving of the position financial institution".

While COSCO Shipping International (Singapore) Co. USA 287 million dollars have archived item the first trimester of 2017 with revenues pairs to 401,8 million dollars of Singapore (), with a decrease of the -44% regarding 722,3 million dollars of Singapore in the first three months last year. The economic result clearly has been of sign negative for -143,8 million dollars of Singapore respect to a net loss of -11,7 million dollars of Singapore in the first trimester of 2016.