Cosco hands out shares to state firms

Cosco hands out shares to state firms

Shanghai-listed Cosco Holdings has announced that it has received a notice from its parent Cosco Group, in which the group plans to transfer 7.45% equity shares of the company to three state-run companies.

Cosco Holdings will transfer 3%, 2.45% and 2% equity shares to Beijing Chengtong Jinkong Investment, Wuhan Iron & Steel and CSSC respectively for free. The deal is still waiting approval from the state council.

Cosco said the share transfer is not involved in any purchase deals and the move is to create synergies between upstream and downstream companies.

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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