• 2019 April 4 10:32

  Gold Talent, COSCO SHIPPING Logistics and JD Logistics form jv to buy 42.35% equity interest in Eshipping

  

  Gold Talent, COSCO SHIPPING Logistics and JD Logistics entered into the Investment and Cooperation Agreement, pursuant to which the Parties have agreed to establish the Joint Venture through the Joint Venture Formation. The Joint Venture Formation will involve (i) the injection of the JD Onshore Company into the Joint Ventureby JD Logistics and the acquisition of the JD Offshore Company by the Joint Venture funded by JD Logistics; (ii) the acquisition of Eshipping by Gold Talent and COSCO SHIPPING Logistics; (iii) the injection of Eshipping into the Joint Venture; and (iv) the capital injection into the Joint Venture by JV ESOP and Eshipping ESOP.

  At completion, Gold Talent, COSCO SHIPPING Logistics, JD Logistics, JV ESOP and Eshipping ESOP will be interested in the Joint Venture as to 22%, 18%, 45%, 11% and 4% respectively. COSCO SHIPPING Logistics and Eshipping are subsidiariesof China COSCO SHIPPING, which has 75% indirect controlling interest in the Company.

  Upon completion of the Share Transfer Agreements, Gold Talent will hold 42.35% equity interest in Eshipping. China Shipping Group and COSCO SHIPPING Technology are subsidiaries of China COSCO SHIPPING, which has 75% indirect controlling interest in the Company. Pursuant to the Listing Rules, China Shipping Group, COSCO SHIPPING Technologyand China COSCO SHIPPING are connected persons of the Company, the Acquisition therefore constitutes connected transactions of the Company under Chapter 14A of the Listing Rules.

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