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18 October 2018 The on-line newspaper devoted to the world of transports 13:54 GMT+2

November 14, 2017

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Fusion of financial institutions COSCO Finance and China Shipping Finance

The operation is approved of today by the board of directors of COSCO Shipping Holdings

Today a new step in the fusion process between shipowning groups Chinese COSCO is announced and Lowers under way Shipping at the beginning of the 2016 that has carried to the constitution of the group Lowers COSCO Shipping Corporation (COSCO Shipping)(on 18 February 2016). Today, in fact, the board of directors of COSCO Shipping Holdings has approved of the fusion between financial institution COSCO Finance Co., society participated from China Ocean Shipping (Group) Co. (COSCO) that in its turn it possesses 45.47% of the capital of the COSCO Shipping Holdings, and the financial institution Lowers Shipping Finance Co. (CS Finance), society participated to 65% from COSCO Shipping Development, to 25% from COSCO Shipping Energy and to 10% from Lowers Shipping (Group) Co., this last one integrally controlled from Lowers COSCO Shipping Corporation.

To completion of fusion CS Finance COSCO Shipping Finance will be renamed, while COSCO Finance will become lost. The greater shareholders of new COSCO Shipping Finance will be COSCO Shipping Holdings, that she will possess 31.21% of the capital of the new society, and COSCO Shipping Development, that she will stop 23.38%; they will follow three branches of COSCO Shipping with a total of 13.45% of the capital, group COSCO Shipping Energy with 10.91% and other societies of group COSCO Shipping.

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