COSCO SHIPPING Energy: Plans to acquire 100% equity of Dalian Investment for 1.59B yuan and execute a merger by absorption

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Maritime Finance News: COSCO SHIPPING Energy Transportation Co., Ltd. announced that its wholly-owned subsidiary, Dalian Haineng, plans to acquire 100% equity of COSCO SHIPPING Dalian Investment Co., Ltd., held by the controlling shareholder COSCO SHIPPING, for approximately 1.59B yuan in cash, and after the transaction is completed, implement a merger by absorption of Dalian Investment. This transaction constitutes an associated transaction but does not constitute a major asset reorganization. The purpose of the transaction is to integrate the energy chemical products and hydrogen-based green energy supply chain businesses, inject Dalian Investment’s quality assets such as the under-construction VLGC and warehousing logistics park into the listed company, to reduce related-party transactions and avoid industry competition. Dalian Haineng will pay the consideration with 40% of its own funds and 60% external financing, including an increase of approximately 634 million yuan in capital from the company to Dalian Haineng. This transaction is subject to approval by the company’s shareholders’ meeting before it can take effect.

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