COSCO Shipping Company Limited completed the acquisition of Guangzhou Ocean Shipping Co., Ltd. from China Ocean Shipping Company.
January 18, 2013 at 04:00 am
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COSCO Shipping Company Limited (SHSE:600428) agreed to acquire Guangzhou Ocean Shipping Co., Ltd. from China Ocean Shipping (Group) Company for CNY 1.1 billion on December 5, 2012. COSCO Shipping shall pay the full transaction price within 10 days from the effective date. The transaction will be financed by the internal funds of COSCO Shipping. Guangzhou Ocean Shipping reported net assets of CNY 1.45 billion, total liabilities of CNY 3.38 billion, and total assets of CNY 4.84 billion as at July 31, 2012. Also, Guangzhou Ocean Shipping reported operating revenues of approximately CNY 976.87 million, total loss of CNY 7.82 million and net loss of CNY 69.3 million for the period from January 2012 to July 2012. The transaction is subject to approval of COSCO Shipping's shareholders and the Board of Directors of China Ocean Shipping (Group) Company. The transaction was approved by the Board of COSCO Shipping Company Limited on December 5, 2012. The transaction will become effective on the date the condition of the approval from the Board of Directors of China Ocean Shipping (Group) Company is fulfilled. The shareholder's meeting of COSCO Shipping Company will be held on January 8, 2013 to consider the approval of the deal. As on January 8, 2012, the shareholders of COSCO approved the transaction. Beijing Xinghe Law Firm acted as legal advisor to Cosco Shipping Company.
COSCO Shipping Company Limited (SHSE:600428) completed the acquisition of Guangzhou Ocean Shipping Co., Ltd. from China Ocean Shipping (Group) Company on January 18, 2013.
COSCO SHIPPING Specialized Carriers Co Ltd is a China-based company principally engaged in the operation of special cargo-related ocean shipping business. The Companyâs ships sail between multiple ports in multiple countries and regions, mainly include European routes, American routes, African routes, Pan Indian Ocean routes, Pan Pacific routes, etc., and opened third-country routes such as Atlantic routes between Europe, the Mediterranean and South America. The Companyâs main ship types include semi-submersible ships, multi-purpose ships, heavy lift ships, pulp ships, motor ships, timber ships, asphalt ships, and motor ships. The ships of the Company can carry cargo including drilling platforms, locomotives and train cars, wind power equipment, bridge cranes, complete equipment and other ultra-long, overweight, oversized, unsuited boxes and special carrying and loading requirements, as well as pulp, wood and other bulk commodities.
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD. 
