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Overview

Bank of China provides $350 million SGD loan facility to Cosco Shipping International (Singapore) to fund the takeover of Cogent Holdings Limited

Commitments (Constant USD, 2023)$269,750,429
Commitment Year•2017Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 1, 2017
Start (actual)
Jan 19, 2018
End (actual)
Jan 19, 2018

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

State-owned companies

  • COSCO SHIPPING International (Singapore) Co., Ltd.

Loan description

Bank of China provides $350 million SGD loan facility to Cosco Shipping International (Singapore) to fund the takeover of Cogent Holdings Limited

Interest type•Unknown

Narrative

Full Description

Project narrative

In November 2017, Bank of China agreed to provide a $350 million SGD loan to Cosco Shipping International (Singapore), a wholly-owned subsidiary of China COSCO Shipping Company ("Cosco"), to partially fund the company's takeover of Cogent Holdings Limited (a logistics management company in Singapore). The borrowing terms of the loan are unknown. In December 2017, Cosco acquired 90.01% of shares of Cogent Holdings Limited, a publicly-traded cargo company in Singapore. Upon reaching the threshold, Cosco was required to submit a cash offer to acquire the remaining shares of the company at SGD 1.02 per share. Then, on January 19, 2018, Cosco reached approval from a majority of shareholders to purchase the shares, leading to Cosco taking over all remaining shares and delisting the company from the Singapore Exchange. Bank of China served as the manager of Cosco's deal and provided the above-mentioned loan facility to fund the cost of acquiring the remaining shares.

Staff comments

1. Cogent Holdings is a logistics management company headquartered in Singapore. It offers a range of services including transportation, warehousing, container depot management, and commercial property management.