George Chao News

Award to be presented March 14, 2018 at the conclusion of the CMA’s Shipping 2018 Annual Conference and Exposition. Ms. Sabrina S. M. Chao, Executive Chairman of Wah Kwong Maritime Transport Holdings Ltd. has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2018. Ms. Chao follows a long succession of influential maritime industry leaders as Commodore. The 2018 Commodore Award will be presented on March 14, 2018 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut, USA. The Award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry.

Following a long illness George Chao, a shipping legend in Hong Kong and president of Wah Kwong Maritime Transport, died, aged 76, in hospital. WAH Kwong Maritime Transport Holdings, established 64 years ago, is now one of the largest privately owned shipowners in Hong Kong. George Chao is one of four sons of T.Y. Chao, the founder of Wah Kwong, and father of Sabrina Chao, the current chairman of the company. The Chao family represents one of the most prominent of Hong Kong’s shipping dynasties. Wah Kwong is a founding member of the Hong Kong Shipowners Association (HKSOA). As with most other founding members, the company’s heritage can be traced back to the mainland.

Bocimar Far East Holdings, along with a shareholder of Wah Kwong Shipping Holdings Ltd., have offered to buy out the Hong Kong shipping group, which has been suspended from trading since June 1 pending news of the offer, officials said. Bocimar - a unit of Belgian shipping firm Compagnie Maritime Belge SA (CMB) - and Wah Kwong investor George Chao made a joint offer to buy the 57.7 percent they did not already own at HK$5.65 ($.73) per share. Bocimar already owns 27.1 percent, and Chao owns 15.2 percent, a spokesperson said. Bocimar and Chao plan to delist Wah Kwong from the London and Hong Kong stock exchanges if they are successful in buying up all of the shares, CMB officials said.

Wah Kwong Shippping Holdings said its shareholders approved a joint HK$50 million buy-out bid from Belgium's Compagnie Maritime Belge SA (CMB) and Wah Kwong president George Chao. Company shares will resume trading in Hong Kong on Wednesday. The last day of trading for Wah Kwong shares in London is July 21, and July 24 for Hong Kong. Delisting is scheduled for July 26. The joint offer from CMB and Chao was made at HK$5.65 per share, to acquire 57.7 percent of Wah Kwong shares. CMB's Bocimar Far East Holdings unit owned 27.1 percent of the company, whilst Chao held a 15.2 percent stake. Wah Kwong shares closed at HK$5.50 on Tuesday. The company is engaged in the transport of bulk cargo such as coal and iron ore.