China Ocean Shipping (Group) Company entered into a sale purchase agreement to acquire an additional 30% stake in COSCO Shipyard Group Co., Ltd. from Sembcorp Marine Ltd (SGX:S51) for CNY 1.1 billion on November 15, 2016. The transaction is conditional upon approvals by the relevant Chinese regulatory authorities, internal approvals and the issuance of a new Foreign-Investment Enterprise Certificate taking place on or before December 31, 2016. China Ocean Shipping will use the net proceeds from the sale for working capital. China Ocean Shipping (Group) Company completed the acquisition of an additional 30% stake in COSCO Shipyard Group Co., Ltd. from Sembcorp Marine Ltd (SGX:S51) on January 19, 2017. The payment is expected to be completed by first quarter of 2017. As of January 19, 2017, Chinese regulatory authorities approved the transaction.