COSCO HONG KONG RESTRUCTURES LINKS WITH SUBSIDIARIES

COSCO HONG KONG RESTRUCTURES LINKS WITH SUBSIDIARIES

   COSCO (Hong Kong) Group Ltd., the largest overseas company of the Beijing-based COSCO group, has announced a plan to issue shares in the group’s subsidiaries in Hong Kong and Singapore and change their equity participations.
    The companies concerned are COSCO (Hong Kong) Group Ltd. and its 53-percent subsidiary COSCO Pacific Ltd., and COSCO Holdings (Singapore) Pte Ltd. and its 62-percent subsidiary COSCO Investment (Singapore) Ltd.
    Following the change, COSCO Holdings (Singapore), currently 100-percent owned by the COSCO group in Beijing, will be 49-percent owned by COSCO (Hong Kong). COSCO Pacific, itself majority owned by COSCO (Hong Kong), will also take an equity participation of between 14 and 24 percent in COSCO Investment (Singapore).
    COSCO (Hong Kong) will remain 100-percent owned by the COSCO group in Beijing.
    COSCO said that the changes will bring closer together the group’s businesses in Southeast Asia.