COSCO SHIPPING International (Hong Kong)'s Independent Shareholders Approve the Acquisition of Entire Issued Share Capital of CSHT


On 30th December 2016, COSCO SHIPPING International (Hong Kong) Co., Ltd. Held its special general meetings at the 47/F COSCO Tower, Hong Kong. At the meeting, the independent shareholders of COSCO SHIPPING International (Hong Kong) approved the resolution regarding the acquisition of the entire issued share capital of CSHT Marine Machinery Suppliers Limited (“CSHT”) at a total consideration of HK$118,400,000 from the sellers, COSCO SHIPPING Financial Holdings Co., Limited, a subsidiary of China COSCO Shipping Corporation Limited (“COSCO SHIPPING”), and China Merchants Hoi Tung Trading Company Limited. Upon completion of the acquisition, COSCO SHIPPING International (Hong Kong) will become the designated centralised procurement platform of marine equipment and spare parts for the world largest shipping conglomerate, COSCO SHIPPING.

CSHT is principally engaged in trading of marine equipment, spare parts, ship supply and general merchandise, whose business scope is similar to that of the Company’s whole-owned subsidiary, Yuantong Marine Service Co. Limited. The board of directors of the Company considered that the acquisition of CSHT had been in line with the group’s strategic direction in developing shipping services industrial cluster. It was a horizontal integration of the group’s marine equipment and spare parts business segment, facilitating synergy creation through economies of scale and cost reduction. Upon completion, CSHT will become a direct wholly-owned subsidiary of the Company.

On the same day, the independent shareholders of COSCO SHIPPING International (Hong Kong) approved the resolutions regarding the entering into several new agreements and their proposed annual caps of continuing connected transactions with COSCO SHIPPING. They included New Master Supply Agreement, New Master Purchase Agreement, New Fuel Oil Master Agreement and New Financial Services Mater Agreement, etc. In future, COSCO SHIPPING International (Hong Kong) aims to become the world class shipping services company with the strong support by COSCO SHIPPING. It focuses on the development of “shipping services industrial cluster” which can offer strong supporting services for shipping companies with independent profit drivers.

Mr. Ye Weilong, Executive Vice President of COSCO SHIPPING and Chairman of COSCO SHIPPING International (Hong Kong) chaired the meetings. Mr. Liu Gang, Managing Director of COSCO SHIPPING International (Hong Kong), Mr. Liu Xianghao, Executive Director of COSCO SHIPPING International (Hong Kong), Mr. Wang Wei, Non-executive Director, and Mr. Tsui Yiu Wa, Alec and Mr. Jiang, Simon X, Independent non-executive Directors of COSCO SHIPPING International (Hong Kong) attended the Meeting. Representatives from other intermediaries including independent financial advisers, solicitors and registrars also attended the Meeting.

Company profile
Established on 28th August, 1994, COSCO SHIPPING (Hong Kong) Co., LIMITED acts as a vital part of China COSCO Shipping Corporation Limited (hereinafter referred to as China COSCO Shipping Group or the Group) in terms of service industry and social industrial cluster with main business including shipping service, highway, information technology, industrial manufacture, freight services and overseas property development etc. COSCO Shipping Group has engaged in business in Hong Kong for more than 60 years and has developed one of the large Chinese enterprises in Hong Kong.
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