COSCO Ship Intl (00517.HK) announced that the company and other shareholders passed a resolution today (28th) to establish a liquidation team to liquidate the wholly-owned subsidiary COSCO Kansai (Tianjin) in accordance with applicable Chinese laws and regulations.

According to the announcement, COSCO Kansai (Tianjin) is a limited liability company established in China, mainly engaged in the production and sales of coatings. COSCO Kansai (Tianjin) is 63.07% owned by COSCO Ship Intl and has no affiliated companies or joint ventures.

COSCO Ship Intl explained that the voluntary liquidation aims to further optimize the asset structure, improve the quality of the company's assets, and comprehensively consider the optimization of the coating production capacity layout. As for the related business of COSCO Kansai (Tianjin), it will be taken over by another non-wholly-owned subsidiary of COSCO Ship Intl, COSCO Kansai Coatings (Shanghai) Co., Ltd. and COSCO Kansai Coatings and Chemicals (Zhuhai) Co., Ltd., to further enhance the market competitiveness of the coating business.

The board of directors believes that the voluntary liquidation of COSCO Kansai (Tianjin) is in line with the overall interests of the company and shareholders. (js/w)

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