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            july 17, 2018

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Indiaexportnews.com

CK Hutchison other investors mull stakes in OOIL to keep HK listing

  11.07.2018    

A unit of container port operator CK Hutchison Holdings and other investors may acquire a small stake in Orient Overseas (International) Ltd (OOIL) as part of Cosco Shipping's purchase of Orient Overseas Container Line (OOCL), according to Shipping Gazette.
Cosco explained that to keep OOIL listed on the Hong Kong stock exchange, 25 per cent of the company must be held by shareholders other than Cosco.
As part of its original acquisition plan, Shanghai Port Group (BVI) Development Co has agreed to buy 9.9 per cent of OOIL. Depending on how many shares are tendered to Cosco by OOIL shareholders in the coming weeks, Cosco will need another 15.1 per cent to be held by other shareholders.
Cosco stated in stock exchange filings that the following companies have agreed to purchase shares, as needed:
Crest Apex, a CK Hutchison subsidiary, will acquired up to 4.99 per cent of OOIL; Rongshi International, a unit of a Chinese-government owned company State Development & Investment Corp, will buy up to 2.38 per cent of OOIL; and PSD Investco, a subsidiary of a Chinese company called Silk Road Fund, will purchase up to 7.73 per cent of OOIL.
Cosco also said it and OOIL "will together take all necessary steps including ... any accommodation and mitigation actions" to procure the approval or clearance by the US Committee on Foreign Investment, which has come through since the statements were made last week.



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