The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) is pleased to announce that COSCO (Guangdong) Shipyard Co., Ltd (“COSCO Guangdong”), a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, has entered into a contract with a European buyer for three (3) 1,750 TEU container vessels.
COSCO Guangdong and the European buyer have agreed to keep the contract prices confidential. The container vessels are scheduled for delivery in 2Q2019 and 3Q2019 respectively.
Save for their respective shareholdings in the Company, none of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contract.
Barring any unforeseen circumstances, the above transactions are not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31 December 2016.
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