The Straits Times / The Business Times News on Cosco

Directors' Trades
Cosco insiders sell more shares

INSIDERS have resumed selling Cosco Corp shares after its share price rose to fresh highs.

Records kept by financial portal, Shareinvestor.com, show that three separate sales, totalling 500,000 shares, were made last Friday.

The sellers included Ms Mina Chan, wife of independent director and former MP Wang Kai Yuen, who sold 200,000 shares at $1.61 apiece.

Following the sale, he no longer has any deemed interest in the China-based ship-repair and bulk carrier group. But he continues to hold 1.3 million shares directly.

Another seller was Mr Wang Zai Zhong, a director of unit Cosco Shipyard Group (CSG), who sold 100,000 shares at $1.65 apiece. This cut his stake to 410,000 shares.

Mr Poh Hee Boon, director of another Cosco unit, CNF Shipping Agencies, sold 200,000 shares at $1.60 apiece, cutting his interests to 432,000 shares.

Last month, insiders were reported to have sold off 5.7 million shares in Cosco.

But their sales have not dampened analysts' enthusiasm for the counter.

Keeping his buy call last month, Kim Eng Research analyst Rohan Suppiah said that Cosco is riding on a wave of 'offshore buoyancy'.

'Cosco's cost structure enables 51 per cent-owned CSG to be among the most competitive shipyards internationally.'

Cosco said yesterday that CSG had won a US$120 million (S$191.5 million) contract to build the hull of a ship used for sea-bed drilling, processing and storage.

It lost one cent to $1.63 on a volume of 3.1 million shares.

GOH ENG YEOW