[ET Net News Agency, 6 July 2018] COSCO SHIPPING Holdings (01919) said it proposes to
sell up to 94.49 million shares in Orient Overseas (International) Limited (OOIL) (00316)
(representing about 15.1% of the total issued share capital of OOIL) at the sale price of
HK$78.67 after the close of the conditional voluntary general cash offer by COSCO SHIPPING
and Shanghai International Port (Group) Co., Ltd. to acquire the entire issued share
capital of OOIL.
The sale and purchase of OOIL shares will only take place in the event the public float
of OOIL falls below 25% and to the extent that the disposal of such number of OOIL shares
would restore public float.
The cash proceeds will be used for the replenishment of working capital of the COSCO
SHIPPING Holdings Group.
The purchasers include Crest Apex Limited, an indirect non-wholly owned subsidiary of CK
Hutchison Holdings (00001), Rongshi International Holding Company Limited, a wholly-owned
subsidiary of State Development & Investment Corp., Ltd., and PSD Investco Inc., an
indirect wholly-owned subsidiary of Silk Road Fund Co., Ltd. (HL)