Singapore-based Cogent Holdings has recently requested a suspension of share trading as a result of Cosco Shipping International (Singapore) Companies offer for all of Cogent’s shares.
According to the Nikkei Asian Review, Cosco Shipping can now acquire all Cogent shares.
Cosco Shipping's offer valued Cogent at US$371 million.
Cogent Holdings Limited and its subsidiaries (“Cogent”) started as a family business providing point-to-point cargo transportation with a small fleet of trucks in the 1960s.
Today it has grown into one of Singapore’s leading logistics management service providers and a highly regarded listed company with a broad-based clientele that ranges from large local companies to multinational companies.
PTI reported that Cosco had tabled a bid toward the end of 2017, however now the deal looks set to be complete very soon.
Cosco is a government-owned company of the People's Republic of China and owns 1,114 ships, including 365 dry bulk vessels, a container fleet with a capacity of 1,580,000 TEU, and a tanker fleet of 120 vessels.