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The board of Directors (the “Board”) of COSCO Corporation (Singapore) Limited (the “Company”) refers to the announcement made on 4 November 2010. The Board wishes to announce that the Company has today entered into separate supplemental deeds with Freightworld Pte Ltd to extend the completion period of the Disposals by 4 months. Originally, completion was conditional upon the conditions set out in the Agreements being satisfied or waived on or before the date falling 4 months from the date of the respective Agreements or such other date as the parties may agree in writing. Further, the parties have also agreed that any distributable profits of Costar and Coslink attributable to the financial year ended 31 December 2010 are to be declared and paid to their respective existing shareholders by completion. Save for the foregoing, all other terms and conditions of the Agreements remain unchanged and in full force and effect. The amendments to the terms of the Agreements are not expected to have any material impact on the net tangible assets (NTA) and earnings per share (EPS) of the Company and the Group for the year ending 31 December 2011. Cosco Corporation (Singapore) Limited, press release |
