The board of Directors of Cosco Shipping Energy Transportation Co., Ltd (Cosco) on Monday (1 June) approved the proposed merger of Cosco Shipping Tanker (Shanghai) Co., Ltd (Shanghai Tanker).
The merger is part of Cosco’s plan to integrate the core businesses of the group and optimise its management structure by enhancing the operation and management efficiency, it said.
Upon completion of the merger, Shanghai Tanker will cease to exist as a legal entity and the assets, liabilities, contracts and other rights and obligations of which shall be succeeded by Cosco.
As Shanghai Tanker is a direct wholly-owned subsidiary of Cosco and the results of which are consolidated into the financial statements of the Group, the merger will not result in any material impact on the operation and financial position of the Group.
As of 31 December, 2019, the net assets of Shanghai Tanker amounted to RMB 7,433,449,700 (USD 1.04 billion) and it owned 49 oil tankers with an aggregate capacity of 4.73 million dead weight tonnes.
Photo credit: Drew Beamer
Published: 4 June, 2020
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