SINGAPORE (May 5): Cosco Shipping International (Singapore) is selling its stakes in three shipyard, ship repair and ship building subsidiaries to its parent company China Cosco Shipping for a consideration of RMB 1.47 billion ($297.1 million).

The 51% stake in Cosco Shipyard Group Co., 50% stake in Cosco (Nantong) Shipyard Co. and 39.1% stake in Cosco (Dalian) Shipyard Co. will be sold to Cosco Shipping Heavy Industry, a wholly-owned subsidiary of parent company China Cosco Shipping Corp.

Cosco Shipping International (Singapore) says its shipyard segment continues to face challenging market conditions in its offshore marine and shipbuilding business and this segment has been making substantial losses for the past two financial years and continue to incur losses for the first quarter of 2017.

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