Cosco Shipping Bids for Cogent
Cosco Shipping International has issued formal offer documents for its S$1.02 per share bid to privatise Cogent Holdings, reported Business Times.
Cosco said that acceptances of the offer must be received no later than 5.30pm on Jan 5. Cosco Shipping had announced on Nov 3 that it is acquiring and privatising Cogent for S$488.07 million.
Cosco Shipping had announced on Nov 3 that it is acquiring Cogent for S$488.07 million. The report quoted Cosco Shipping as saying that the rationale for the acquisition is to acquire control in one of Singapore's leading full service, integrated logistics service providers with a track record of over 40 years.
Shipowner also announces plan to buy Indonesian shipping logistics company PT Ocean Global. Ocean Global Shipping is a company incorporated in 1994 in Jakarta, Indonesia.
For this purpose, Cosco Shipping International (Singapore) had entered into a non-binding MoU (Memorandum of Understanding) with vendor Cosco Shipping (South East Asia), a wholly-owned by China Cosco Shipping Corporation, in relation to the proposed acquisition of approximately 40% of the issued shares of the issued and paid-up share capital of PT., of the target company, Ocean Global Shipping.