The board of directors of COSCO SHIPPING International (Singapore) Co., Ltd. announced that it had, together with New Golden Sea Shipping Pte Ltd. incorporated a joint venture company known as COSCO SHIPPING Southeast Asia Container Logistics Services Pte Ltd. on 28 November 2018. The JV Company was incorporated with an issued and paid-up capital of USD 2 comprising 2 ordinary shares. The Company and NGSS have agreed to increase the issued and paid-up capital of the JV Company to USD 600,000 comprising 600,000 ordinary shares and each party shall hold 50% of the issued shares. The principal activities of the JV Company include investment holding and provision of logistics, storage, forwarding and shipping services and other services. The incorporation of the JV Company is not expected to have any material impact on the net tangible assets and earnings per share of the Company for the financial year ending 31 December 2018.