BEIJING, March 11, 2013 /PRNewswire/ -- China COSCO
Holdings Company Limited ("China COSCO" or the "Group") (HKEx:1919,
SSE:601919) put forth a preliminary proposal in an announcement to
sell a 100% interest in its directly-owned subsidiary COSCO
Logistics Co., Ltd. ("COSCO Logistics") to its controlling
shareholder China Ocean Shipping (Group) Company ("COSCO Group").
The board of directors has approved commencing with related
processes. Details of the proposed transaction are still in
negotiation. Given the uncertainties surrounding it, all investors
are advised to pay attention to the investment risks involved. The
Group will make public announcement on the progress of the proposed
transaction in due course.
In order to protect the fundamental interest of shareholders,
China COSCO has prudently come up with this proposal after a
comprehensive consideration on its sustainable growth capability
and profitability. The Group expects that if the transaction is
approved and carried out on a timely basis, it will generate
reasonable capital gain which can help boost the Group's operating
results in 2013 and reduce the risk of its stock being suspended
from trading on the A-share market.
China COSCO is upbeat about China's and the global macro-economic
environment and international trade in the long run. It firmly
believes that the shipping industry will stage a rebound from the
trough and move in an uptrend. Moreover, COSCO Group reiterates
that it will continue to use China COSCO as a platform to tap into
capital markets. Meanwhile, China COSCO will have a priority to
acquire COSCO Logistics back from COSCO Group when overall
conditions are favourable.
All in all, the Group will push ahead with the operating
principles of "boosting sales, adjusting business structure,
reinforcing management and exercising stringent cost controls". Any
measures that can help improve the Group's overall profitability,
drive sustainable growth and protect the long-term interests of
shareholders will be given careful consideration and implemented at
full strength after thorough discussion, review and approval
according to the established procedures.
~ End ~
About China COSCO:
China COSCO Holdings Company Limited ("China COSCO", together
with its subsidiaries collectively known as the "Group"), is a
leading global integrated shipping and logistics services provider.
The Group provides comprehensive shipping services including
container shipping, dry bulk shipping, logistics, terminal
operations, container leasing, freight forwarding and shipping
agency services. It commands leadership in each of business sector.
China COSCO operates the largest dry bulk fleet in the world. Its
container fleet is the fourth largest in the world and the largest
in China. Its terminal operation
and container leasing business are ranked the fifth and the third
respectively in the world, while its logistics business is the
largest in China. The Company was
listed on the Hong Kong Stock Exchange in June 2005 and the Shanghai Stock Exchange in
June 2007 respectively. As the
financing platform of COSCO Group, China COSCO is determined to
becoming a leading global shipping and logistics enterprise.
Investor and Media Enquiries:
Henry Chik / David Shiu
/ Camille Xiong / Ivan Kau
|
PRChina
Limited
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Tel:
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(852) 2522-1838 / (852)
2522-1368
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Email:
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hchik@prchina.com.hk /
dshiu@prchina.com.hk
|
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cxiong@prchina.com.hk /
ikau@prchina.com.hk
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SOURCE China COSCO Holdings Company Limited