Hong Kong-listed Courage Marine has announced that the company has been notified by its substantial shareholders Sea-Sea Marine and China Lion and Pilot Assets, that they together with their guarantors Hsu Chih-Chien, and Wu Chao-Huan, entered into a share transfer agreement with Success United Development, and its guarantor Suen Cho Hung.
Under the agreement, Success United Development will acquire a total of 27.47% equity shares of Courage Marine from the three companies and become the largest shareholder of the company. The deal is expected to be completed by October 14.
Hsu will resign as chairman and non-executive director and Wu will also resign as managing director and executive director of the company.
Success United Development is a wholly owned subsidiary of Brilliant Epic Asia, a company owned by Suen Cho Hung.
Suen Cho Hung used to serve as the managing director of China Yunnan Tin Minerals Group Company and now controls a number of companies involve in international trading of metals, minerals and other raw materials, manufacturing of metal products.
Hsu co-founded Courage Marine Group in 2001. Read his exclusive interview with SinoShip magazine here.