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Sembcorp Marine offloads stake in Cosco Shipyard

Singapore shipbuilder Sembcorp Marine has entered into a sale and purchase agreement with Cosco to dispose of its 30% equity interest in Cosco Shipyard Group.

Following the completion of the disposal, Sembcorp Marine will cease to have any interest in Cosco Shipyard except via its 4.98% shareholding in Cosco Corporation (Singapore), which in turn has a 51% interest in Cosco Shipyard.

Explaining the reason behind the decision to divest, Sembcorp Marine said the Chinese company was no longer a strategic investment nor a core asset for the company.

Sembcorp Marine will realise a gain of approximately S$48.32m ($34.2m) from the sale, and will use the net proceeds for working capital.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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