Cosco Shipping International (Hong Kong)Co Acquires Remaining 49% Stake in Yuan Hua in Related Party Deal

MT Newswires Live2024-12-31

Cosco Shipping International (Hong Kong) Co (HKG:0517) wholly-owned subsidiary Yuantong has acquired the remaining 49% equity interest in Yuan Hua for $292,524, making Yuan Hua a wholly-owned subsidiary.

The related party acquisition, funded through Yuantong's internal resources, will be completed within 10 business days after closing, according to its Monday filing.

The valuation of Yuan Hua, at $596,988 for 100% equity, was determined through arm's length negotiations considering its past performance and strategic benefits.

Post-closing, Yuantong will repay a US$343,000 shareholder loan to the seller, and existing service agreements with the seller will remain for six months.

As a wholly-owned subsidiary of Cosco Shipping, the seller is considered an associate and a connected person of the company under the Listing Rules.

The acquisition aims to enhance Yuan Hua's service level and profitability in North America, aligning with the company's strategy to improve its spare parts supply and technical services in the region.

The board considers the acquisition terms fair and beneficial for the company and its shareholders, with no directors having a material interest requiring abstention from voting.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2495691016?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-12-31 17:26","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2495691016","market":"hk","top_or_hot":-1,"title":"Cosco Shipping International (Hong Kong)Co Acquires Remaining 49% Stake in Yuan Hua in Related Party Deal","media":"MT Newswires Live","content":"<html><body><p> Cosco Shipping International (Hong Kong) Co (HKG:0517) wholly-owned subsidiary Yuantong has acquired the remaining 49% equity interest in Yuan Hua for $292,524, making Yuan Hua a wholly-owned subsidiary.</p><p>The related party acquisition, funded through Yuantong's internal resources, will be completed within 10 business days after closing, according to its Monday filing.</p><p>The valuation of Yuan Hua, at $596,988 for 100% equity, was determined through arm's length negotiations considering its past performance and strategic benefits.</p><p>Post-closing, Yuantong will repay a US$343,000 shareholder loan to the seller, and existing service agreements with the seller will remain for six months.</p><p>As a wholly-owned subsidiary of Cosco Shipping, the seller is considered an associate and a connected person of the company under the Listing Rules.</p><p>The acquisition aims to enhance Yuan Hua's service level and profitability in North America, aligning with the company's strategy to improve its spare parts supply and technical services in the region.</p><p>The board considers the acquisition terms fair and beneficial for the company and its shareholders, with no directors having a material interest requiring abstention from voting.</p></body></html>","source":"mtnewswires_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cosco Shipping International (Hong Kong)Co Acquires Remaining 49% Stake in Yuan Hua in Related Party Deal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCosco Shipping International (Hong Kong)Co Acquires Remaining 49% Stake in Yuan Hua in Related Party Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-31 17:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.mtnewswires.com/><strong>MT Newswires Live</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cosco Shipping International (Hong Kong) Co (HKG:0517) wholly-owned subsidiary Yuantong has acquired the remaining 49% equity interest in Yuan Hua for $292,524, making Yuan Hua a wholly-owned ...</p>\n\n<a href=\"https://www.mtnewswires.com/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00517","symbol_name":"中远海运国际","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2495691016","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2495691016","pubTimestamp":1735637219,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. Better news, better service, better price.","home_visible":1,"id":"1092851196","head_image":"https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e"},"summary":"Cosco Shipping International  Co  wholly-owned subsidiary Yuantong has acquired the remaining 49% equity interest in Yuan Hua for $292,524, making Yuan Hua a wholly-owned subsidiary.The related party acquisition, funded through Yuantong's internal resources, will be completed within 10 business days after closing, according to its Monday filing.The valuation of Yuan Hua, at $596,988 for 100% equity, was determined through arm's length negotiations considering its past performance and strategic benefits.Post-closing, Yuantong will repay a US$343,000 shareholder loan to the seller, and existing service agreements with the seller will remain for six months.As a wholly-owned subsidiary of Cosco Shipping, the seller is considered an associate and a connected person of the company under the Listing Rules.The acquisition aims to enhance Yuan Hua's service level and profitability in North America, aligning with the company's strategy to improve its spare parts supply and technical services in ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"00517":"中远海运国际","BK1173":"海港与服务"},"translate_title":"中远海运国际（香港）有限公司通过关联交易收购远华剩余49%股权","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00517":0.9},"content_text":"Cosco Shipping International (Hong Kong) Co (HKG:0517) wholly-owned subsidiary Yuantong has acquired the remaining 49% equity interest in Yuan Hua for $292,524, making Yuan Hua a wholly-owned subsidiary.The related party acquisition, funded through Yuantong's internal resources, will be completed within 10 business days after closing, according to its Monday filing.The valuation of Yuan Hua, at $596,988 for 100% equity, was determined through arm's length negotiations considering its past performance and strategic benefits.Post-closing, Yuantong will repay a US$343,000 shareholder loan to the seller, and existing service agreements with the seller will remain for six months.As a wholly-owned subsidiary of Cosco Shipping, the seller is considered an associate and a connected person of the company under the Listing Rules.The acquisition aims to enhance Yuan Hua's service level and profitability in North America, aligning with the company's strategy to improve its spare parts supply and technical services in the region.The board considers the acquisition terms fair and beneficial for the company and its shareholders, with no directors having a material interest requiring abstention from voting.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2495691016"}