Cosco Shipping Bids for Cogent

 

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.