COSCO CANCELS ASIAN SHAREHOLDING PLAN
The China Ocean Shipping Co. group said that it has
canceled a previously-announced plan to restructure shareholding participations concerning
its various subsidiaries in Hong Kong and Singapore.
Under the plan, a shareholding in COSCO Investment (Singapore), owned
by the COSCO parent group in Beijing, would have been transferred to COSCO Pacific, a Hong
Kong listed company in which the COSCO parent company has a 53-percent interest.
COSCO said that it has considered the views of investors in COSCO
Pacific and will not proceed with the plan.
In a related move, a 49-percent stake in COSCO Holdings (Singapore)
will be transferred for free from the COSCO parent group in Beijing to COSCO (Hong Kong).
COSCO (Hong Kong) is wholly-owned by the COSCO parent in Beijing.