CDB Financial Leasing's Special Purpose Vehicles to Purchase Two Vessels for $67 Million

MT Newswires Live11-19

China Development Bank Financial Leasing's (HKG:1606) two wholly-owned special purpose vehicles agreed to take over two shipbuilding contracts for two bulk vessels from Smooth Shipping, the original buyer.

The buyers agreed to purchase the vessels from Jiangsu SOHO Innovation & Technology Group, and Sainty Shipbuilding (Yangzhou) for up to $67 million, a Monday Hong Kong bourse filing said.

The company plans to source the purchase with its own funds or commercial bank loans and after the completion of the said transaction, the buyers will lease out the vessels under operating leasing mode.

In the 12 months prior to the said transaction, two of the company's wholly-owned special purpose vehicles had purchased two bulk vessels from Jiangsu SOHO Innovation & Technology Group for a maximum of $67 million.

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