COSCO Shipping Ports Pulls Out of CCCC Dredging Deal

Image source: CCCC Dredging

COSCO Shipping Ports Ltd. has just announced their decision not to proceed with the proposed investment in CCCC Dredging.

Having considered the feedback from the market, the Board has decided not to proceed with the proposal for investment in CCCC Dredging as set out in the Circular, reported the company.

Reference is made to the announcements dated 23 August 2019 and 12 September 2019 and the circular dated 18 September 2019 of COSCO Shipping Ports Limited regarding a possible major and connected transaction in relation to the proposed acquisition of not more than 1,379,973,946 shares in CCCC Dredging (Group) Co., Ltd.

The Board will give further consideration in relation to optimizing the proposal for investment by the Group in CCCC Dredging.

Accordingly, the chairman of the special general meeting of the company to be held on 8 October 2019 will propose at the meeting that ordinary resolution no. 1 for approval of the entering into of the Consortium Agreement as set out in the notice of meeting dated 18 September 2019 be withdrawn.

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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