COSCO Shipping Ports Pulls Out of CCCC Dredging Deal
- Business & Finance
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of the entering into of the Consortium Agreement as set out in the notice of meeting dated 18 September 2019 be withdrawn.