COSCO SHIPPING Financial Co., Limited completed the acquisition to acquire Qidong Singamas Energy Equipment Co., Ltd., Qidong Pacific Port Co., Ltd., Qingdao Pacific Container Co., Ltd., Ningbo Pacific Container Co., Ltd. and Singamas Container Holdings Limited from Singamas Container Holdings Limited on August 2, 2019.
August 01, 2019
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An undisclosed buyer entered into a framework agreement to acquire Qidong Singamas Energy Equipment Co., Ltd., Qidong Pacific Port Co., Ltd., Qingdao Pacific Container Co., Ltd., Ningbo Pacific Container Co., Ltd. and Singamas Container Holdings (Shanghai) Limited from Singamas Container Holdings Limited (SEHK:716) for CNY 4 billion on March 19, 2019. COSCO SHIPPING Financial Co., Limited entered into the agreement to acquire Qidong Singamas Energy Equipment Co., Ltd., Qidong Pacific Port Co., Ltd., Qingdao Pacific Container Co., Ltd., Ningbo Pacific Container Co., Ltd. and Singamas Container Holdings (Shanghai) Limited from Singamas Container Holdings Limited (SEHK:716) for CNY 3.8 million (subject to adjustments) on May 6, 2019. Consideration is payable in four installments.
The consideration is payable in cash. For the year ended December 31, 2018, Qidong Singamas Energy Equipment Co., Ltd., Qidong Pacific Port Co., Ltd., Qingdao Pacific Container Co., Ltd., Ningbo Pacific Container Co., Ltd. and Singamas Container Holdings (Shanghai) Limited has revenue of CNY 1.1 billion, profit before taxation of CNY 32.3 million, net assets of $541.2 million (CNY 3.7 billion) and profit after taxation of CNY 23.6 million. The transaction is subject to the approval by the shareholders of Singamas Container Holdings Limited and entering into the definitive agreement between the parties. Completion is expected no later than September 30, 2019. Singamas Container Holdings Limited intends to apply the total net proceeds for repayment of bank loans, distribution of special dividend and general corporate and working capital requirements. KPMG Advisory (China) Limited and BOC International (China) Limited acted as financial advisors for Singamas Container Holdings Limited. Chan Gary, Chen Chelsea, Ho Francis, Hsui Jonathan, Mao Carol and Renard François of Allen & Overy Hong Kong acted as the legal advisors to Singamas as part of the transaction.
COSCO SHIPPING Financial Co., Limited completed the acquisition to acquire Qidong Singamas Energy Equipment Co., Ltd., Qidong Pacific Port Co., Ltd., Qingdao Pacific Container Co., Ltd., Ningbo Pacific Container Co., Ltd. and Singamas Container Holdings (Shanghai) Limited from Singamas Container Holdings Limited (SEHK:716) on August 2, 2019.
Singamas Container Holdings Ltd is a Hong Kong-based investment holding company principally engaged in the manufacture of containers. The Company operates its business through two segments. Manufacturing segment is engaged in the manufacture of marine dry freight containers, refrigerated containers, collapsible flat rack containers, tank containers, American domestic containers, offshore containers, other specialized containers and container parts. Logistics Services segment is engaged in the provision of storage, repair and trucking services of containers, container and cargo handling and other container-related services.
SINGAMAS CONTAINER HOLDINGS LIMITED 
