COSCO Shipping Energy Transportation, Subsidiary Propose to Enter Acquisition, Entrusted Management Agreements

MT Newswires Live10-15

COSCO Shipping Energy Transportation (HKG:1138, SHA:600026) and its subsidiary proposed to enter equity and assets acquisition and entrusted management agreements with COSCO SHIPPING Investment Dalian and COSCO Shipping (Shanghai), a Tuesday filing with the Hong Kong Exchange said.

The subsidiary, Dalian COSCO Shipping Energy Supply Chain, proposed to acquire 70% of the equity interests in Shenzhen Longpeng for 277 million yuan, 87% of the equity interests in Hainan Zhaogang for 152.8 million yuan, 15% of the equity interests in Xizhong Island Port for nil consideration, and two vessels for 210.5 million yuan from COSCO Shipping Investment Dalian.

The company itself has proposed to acquire 100% of the equity interests in COSCO Shipping Chemical Carrier for 507.4 million yuan and 100% of the equity interests in Shanghai COSCO Shipping (Hong Kong) for 112.8 million yuan from COSCO Shipping (Shanghai).

Under the proposal of the entrusted management agreement, the company will take over the management of COSCO Shipping Investment Dalian held by COSCO Shipping for a custodian fee of 8 million yuan per year, and Yisheng Storage, Marine Transportation and Storage, and Fujian Terminal held by COSCO Shipping (Shanghai) for a fee of 2.6 million yuan per year, for a term of three years.

The oil tanker shipping company's shares closed over 5% lower on Tuesday.

Price (HKD): $8.33, Change: $-0.45, Percent Change: -5.13%

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