COSCO SHIPPING International (Hong Kong) Co., Ltd. (SEHK:517) entered into the share purchase agreement to acquire CSHT Marine Machinery Suppliers Limited from COSCO SHIPPING Financial Co., Limited and China Merchants Hoi Tung Trading Company Limited for approximately HKD 120 million on November 28, 2016. COSCO SHIPPING International will acquire 50% stake each from COSCO SHIPPING Financial and China Merchants Hoi Tung. A total of 10 million shares of CSHT Marine will be acquired. The consideration shall be payable in cash and shall be satisfied by COSCO SHIPPING International in full within 10 business days from the date of fulfillment of the conditions or the completion date (whichever is earlier). The consideration will be subject to adjustments. The transaction will be funded through internal resources of COSCO SHIPPING International. Upon completion, CSHT Marine will become a direct wholly-owned subsidiary of COSCO SHIPPING International. CSHT Marine reported profit before tax of HKD 18.74 million and net profit after tax of HKD 15.82 million for the financial year ended December 31, 2015. The deal is subject to independent shareholders’ approval of COSCO SHIPPING International and satisfactory due diligence. The independent Board Committee has been established to make recommendations to the independent shareholders. As on December 30, 2016, COSCO shareholders approved the acquisition. The completion is expected to take place on December 30, 2016. BOSC International Company Limited acted as advisor for Independent Board Committee and the independent shareholders. COSCO SHIPPING International (Hong Kong) Co., Ltd. (SEHK:517) completed acquisition of CSHT Marine Machinery Suppliers Limited from COSCO SHIPPING Financial Co., Limited and China Merchants Hoi Tung Trading Company Limited on January 1, 2017.