The Board of Directors of COSCO Corporation (Singapore) Limited have informed that COSCO (Guangdong) Shipyard Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, has secured a contract valued at approximately USD30 million from a European buyer to build one (1) 4500 square meters Livestock Carrier.
The Livestock Carrier is scheduled for delivery in the second quarter of 2016.
Additionally, the ship owner has an option to render effective, within six (6) months, one (1) contract for the construction of a similar vessel. The Company will announce when the contract under the option is declared effective.
Save for their respective shareholdings in the Company, none of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contract.
Barring any unforeseen circumstances, the contract is not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending
31 December 2014.