COSCO Shipping International Co., Ltd. and New Golden Sea Shipping Pte. Ltd Incorporate a Joint Venture Company, COSCO SHIPPING Southeast Asia Container Logistics Services Pte Ltd
November 29, 2018 at 02:42 pm IST
Share
The board of directors of COSCO SHIPPING International (Singapore) Co., Ltd. announced that it had, together with New Golden Sea Shipping Pte Ltd. incorporated a joint venture company known as COSCO SHIPPING Southeast Asia Container Logistics Services Pte Ltd. on 28 November 2018. The JV Company was incorporated with an issued and paid-up capital of USD 2 comprising 2 ordinary shares. The Company and NGSS have agreed to increase the issued and paid-up capital of the JV Company to USD 600,000 comprising 600,000 ordinary shares and each party shall hold 50% of the issued shares. The principal activities of the JV Company include investment holding and provision of logistics, storage, forwarding and shipping services and other services. The incorporation of the JV Company is not expected to have any material impact on the net tangible assets and earnings per share of the Company for the financial year ending 31 December 2018.
COSCO SHIPPING International (Singapore) Co., Ltd. is a Singapore-based investment holding company. The Company is an integrated logistics service provider in South Asia and Southeast Asia. The Company is engaged in dry bulk shipping, ship repair and marine engineering, as well as property management. Its segments include shipping; ship repair, and marine engineering activities; logistics, and property management. The Company's business segments operate in two main geographical areas: Singapore, which includes the operations in shipping, ship repair and marine engineering related activities, logistics, property management, and Malaysia, which includes the operations in logistics activities. The Company, through its subsidiary, Cogent Holdings Pte. Ltd., manages and operate approximately 3.5 million square feet of covered and open storage spaces located in the logistics hub districts in Singapore.
COSCO Shipping International Co., Ltd. and New Golden Sea Shipping Pte. Ltd Incorporate a Joint Venture Company, COSCO SHIPPING Southeast Asia Container Logistics Services Pte Ltd