Cosco Corporation (Singapore) Limited announce that its subsidiary, COSCO Shipyard (Group) Co., Ltd has, on Dec. 29, 2007, entered into an agreement with Jiangsu Lianyungang Port Co. Ltd to form, and has formed, a joint venture company known as COSCO Lianyungang Shipyard Co. Ltd.
COSCO Lianyungang has an registered capital of RMB$180,000,000.00.
COSCO Shipyard (Group) and Jiangsu Lianyungang each have subscribed for 60% and 40% shares respectively in the capital of COSCO Lianyungang. With the subscription, COSCO Lianyungang is now a subsidiary company of COSCO Shipyard (Group).
The principal activities of COSCO Lianyungang are those of repairing and conversion ofmerchant vessels and offshore products. It is expected that given years of development, COSCO Lianyungang Shipyard will be another big ship repairing base in East China.
On the nofollowing day, Dec. 30, 2007, a large conversion project of LNG to Chip vessel from TMT Co. Ltd became effective to be carried out in COSCO Lianyungang Shipyard.