Cosco Shipping Ports Halts Acquisition of CCCC Dredging

news-details

After the issuance of the Circular, the senior management of the Company have communicated with independent shareholders of the Company. Having considered the feedback from the market, the Board has decided not to proceed with the proposal for investment in CCCC Dredging as set out in the Circular. The Board will give further consideration in relation to optimising the proposal for investment by the Group in CCCC Dredging. Accordingly, the chairman of the special general meeting of the Company to be held on 8 October 2019 will propose at the meeting that ordinary resolution no. 1 for approval of the entering into of the Consortium Agreement as set out in the notice of meeting dated 18 September 2019 be withdrawn.

Reference is made to the announcements dated 23 August 2019 and 12 September 2019 and the circular dated 18 September 2019 (the “Circular”) of COSCO SHIPPING Ports Limited (the “Company”) regarding a possible major and connected transaction in relation to the proposed acquisition of not more than 1,379,973,946 shares in CCCC Dredging (Group) Co., Ltd.* ????(??)?????? (“CCCC Dredging”) (representing approximately 10% of the enlarged issued share capital of CCCC Dredging). Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as those defined in the Circular.

After the issuance of the Circular, the senior management of the Company have communicated with independent shareholders of the Company. Having considered the feedback from the market, the Board has decided not to proceed with the proposal for investment in CCCC Dredging as set out in the Circular. The Board will give further consideration in relation to optimising the proposal for investment by the Group in CCCC Dredging. Accordingly, the chairman of the special general meeting of the Company to be held on 8 October 2019 will propose at the meeting that ordinary resolution no. 1 for approval of the entering into of the Consortium Agreement as set out in the notice of meeting dated 18 September 2019 be withdrawn.

A further announcement of a revised proposal for investment by the Group in CCCC Dredging (if any) will be made if and when required by the Listing Rules.
Source: COSCO Shipping Ports Limited

You can share this post!

Related News

Comments

Leave Comments