• 2023 January 17 12:58

  COSCO SHIPPING Holdings buys 5.8% stake in COFCO Fortune

  

  On 16 January 2023, COSCO SHIPPING Holdings entered into the Capital Increase Agreement with COFCO Fortune, to buy 179,968,695 subscription shares for RMB5,499,999,987.02 ($814 mln), according to a COSCO SHIPPING Holdings stock exchange filing.

  Prior to the completion of the capital increase, COSCO did not hold any shares of COFCO Fortune. Upon completion of the capital increase, COSCO will hold approximately 5.81% of shares in COFCO Fortune and COFCO Fortune will not become a subsidiary of COSCO, therefore its financial results will not be consolidated into the financial statements of COSCO.

  From 17 November 2022 to 14 December 2022, COFCO Fortune issued a capital increase announcement through the China Beijing Equity Exchange to publicly solicit investors. COFCO Fortune and China Beijing Equity Exchange have approved the qualification of COSCO as an investor.

  COFCO (China Oil and Foodstuffs Corporation) is a Chinese state-owned food processing holding company. COFCO Group is China's largest food processor, manufacturer and trader. It is also one of Asia's leading agribusiness groups.

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