Sembcorp Sells Its Stake in COSCO Shipyard Group

COSCO Singapore-based marine and offshore engineering group Sembcorp Marine has decided to sell its 30 percent equity interest in COSCO Shipyard Group. The stake in COSCO Corporation (Singapore) Limiteds 51 percent-owned subsidiary would be purchased by shipping giant China Ocean Shipping (Group) Company (COSCO Group). Following the completion of this transaction, Sembcorp Marine will cease to have any interest in CSG except via its investments of 4.98% shareholdings in the company. With this acquisition, the equity interest of COSCO Group in CSG will increase from 3% to 33%, while the equity interest of COSCO Corporation in CSG will remain unchanged at 51%. The equity interests of COSCO Groups subsidiaries Shanghai Ocean Industrial Company and Guangzhou Ocean Investment Management Company in CSG will also remain unchanged at 8% each. COSCO Corporation said that the completion of the disposal is conditional upon the fulfillment of certain conditions.