The Straits Times / The Business Times News on Cosco

SembMarine sells 30m Cosco Shares

RIG BUILDER SembCorp Marine (SembMarine) has sold 30 million shares of ship repair and dry bulk shipping firm Cosco Corporation (Singapore) at $2 a share.

The price represents a discount of 2 per cent to the stock's closing price of $2.04 yesterday.

SembMarine will book a gain of $25.7 million for the year ending Dec 31.

Following the sale, the company will continue to own 150.4 million Cosco shares, representing 6.8 per cent of the company's share capital.

In May, SembMarine bought 110.4 million Cosco shares from Temasek Holdings at $1.09 a share.