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COSCO vows to offload Sino-Ocean stake

COSCO vows to offload Sino-Ocean stake

Hong Kong: COSCO International Holdings Ltd, the Hong Kong-listed subsidiary of China's COSCO Group, said that it plans to dispose of all 16.85% stake it holds in Sino-Ocean Land Holdings Ltd, as part of its strategy to strip off non-core investment businesses, sources reported. ??In a statement filed with the Hong Kong Stock Exchange the firm said that it is seeking approval from the board of director to allow it sell as much as 949.9 million shares of Sino-Ocean Land at a price no less than HK$5.40 per share within 12 months. ??Calculated by the HK$5.75 of closing price on Friday, the market capitalization of the stake is estimated to amount to HK$5.46 billion. ??Last year, Sino-Ocean Land realized RMB 1.64 billion in after tax profit, up 13% year on year. As of Dec. 13, 2009, the firm's net assets totaled RMB 23.37 billion.  [20/08/10]

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