COSCO Shipping International (Singapore) Co., Ltd. (SGX:F83) made an offer to acquire Cogent Holdings Limited (SGX:KJ9) from Tan Yeow Khoon, Tan Yeow Lam, Tan Min Cheow, Benson, Ng Poh Choo, and others for approximately SGD 490 million on November 3, 2017. Under the terms of the transaction, COSCO Shipping International (Singapore) Co., Ltd. offered to acquire 478.5 million shares at SGD 1.02 per share. The transaction will be funded through internal cash resources and bank borrowings. COSCO Shipping International (Singapore) Co., Ltd. has entered into a commitment letter for a loan facility of up to SGD 350 million from Bank of China to partially fund the transaction. As a part of the transaction, COSCO Shipping International (Singapore) does not intend to maintain the listing of Cogent Holdings Limited and it intends to exercise the right to compulsorily acquire remaining shares, in the event that COSCO Shipping International (Singapore) Co., Ltd. receives valid acceptances pursuant to the offer or acquires shares otherwise than through valid acceptances of the offer, in respect of not less than 90% of the total number of shares as at the final closing date. Upon completion, Cogent Holdings Limited will continue with its existing business and employees. The transaction is subject to minimum level of acceptance resulting into more than 50% stake in Cogent Holdings Limited and approval from shareholders of COSCO Shipping International (Singapore) Co., Ltd. As of January 16, 2018, COSCO Shipping International (Singapore) made an application to Singapore Exchange Securities Trading Limited seeking an extension to the three month period granted by the Singapore Exchange Securities Trading Limited to seek shareholders ratification for the offer at an extraordinary general meeting. The transaction has been unanimously approved by the Board of Directors of COSCO Shipping International (Singapore) Co., Ltd on November 3, 2017. As of November 3, 2017, COSCO Shipping International (Singapore) has received undertaking for acceptance of Tan Yeow Khoon, Tan Yeow Lam, Tan Min Cheow, Benson, Ng Poh Choo holding 403.5 million shares representing 84.33% stake. Yeow Khoon, Tan Yeow Lam, Tan Min Cheow, Benson, Ng Poh Choo will tender 68.6%, 13.58%, 0.48%, and 1.67% stake respectively. As of January 2, 2018, the offer has become unconditional. The offer was to close on January 5, 2018 initially. As of January 16, 2018, the offer period will now remain valid till January 19, 2018. Bank of China Singapore Branch acted as financial advisors to COSCO Shipping International (Singapore) Co., Ltd. CIMB Bank Berhad, Singapore Branch acted as financial adviser to Cogent Holdings Limited. Credit Suisse Group AG (SWX:CSGN) acted as financial advisor and Boardroom Corporate & Advisory Services Pte. Ltd. acted as registrar to Cogent Holdings Limited. TSMP Law Corporation acted as legal advisor to Credit Suisse Group AG. Ng Wai King, Andrew Ang, and Anna Tan of WongPartnership acted as legal advisors to Cogent Holdings Limited. COSCO Shipping International (Singapore) Co., Ltd. (SGX:F83) completed the acquisition of Cogent Holdings Limited (SGX:KJ9) from Tan Yeow Khoon, Tan Yeow Lam, Tan Min Cheow, Benson, Ng Poh Choo, and others on January 19, 2018. As on January 19, 2018, shareholders holding 98.31% stake of Cogent Holdings Limited have tendered their shares. As COSCO Shipping International (Singapore) Co., Ltd. will be proceeding to compulsorily acquire the shares of the shareholders who have not accepted the offer, Cogent Holdings Limited has advised that such shareholders need not take any action. As of February 7, 2018, Cogent Holdings Limited notified that Singapore Exchange Securities Trading Limited had no objections to the proposed delisting of Cogent Holdings from the official List of the Singapore Exchange Securities Trading Limited. As of March 2, 2018, COSCO Shipping International (Singapore) Co., Ltd. exercised its right of compulsory acquisition of all the remaining shares at the offer price of SGD 1.02 for each share. As on March 6, 2018, the squeeze out was completed and COSCO Shipping International (Singapore) Co., Ltd. acquired all shares. As of April 5, 2018, the transaction is submitted for ratification by the shareholders of COSCO Shipping International (Singapore) Co., Ltd. at a meeting to be held on April 27, 2018. As of April 27, 2018, the shareholders of COSCO Shipping International (Singapore) Co., Ltd. ratified the transaction.