On 31st May 2010, COSCO International Holdings Limited (COSCO International) announced that its wholly-owned subsidiary, Yuantong Marine Service Co. Limited (Yuantong) expanded its supply of marine equipment and spare parts business overseas through acquiring a company in Singapore and setting up a new company in Japan.
Yuantong entered into a share transfer agreement on 31st May 2010 to acquire 100% of the issued share capital of a company namely Xing Yuan (Singapore) Pte. Ltd. (Xing Yuan) to expand its supply of marine equipment and spare parts business in Singapore. The total consideration of the acquisition is S$850,000 (equivalent to approximately HK$4,814,655). Upon completion of the acquisition, the Company shall hold 100% of the issued share capital in Xing Yuan. Together with the incorporation of a new company named Shin Chung Lin Corporation in Japan earlier, COSCO International has successfully set up new footholds in Singapore, one of the global shipping hubs, and Japan, one of the world's largest marine equipment manufacturing countries. Combined with its existing business based in Hong Kong and the Chinese mainland, COSCO International will successfully build up a complete platform of marine equipment and spare parts supply network in the Asia Pacific Region.