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Cosco Corp. (F83.SG) opens 4.1% lower at $2.32 on resuming trade after the company says it hasn’t received any proposal that it will receive two shipbuilding assets from its parent company, Cosco Group, if its parent company undergoes a restructure.
The statement follows an article in the Business Times today which cited a DBS Vickers research report released Wednesday that said Cosco’s profits may rise if its parent transfers two shipbuilding assets to the Singapore-listed company.
The DBS Vickers report said talks of the restructuring resurfaced following the Chinese government’s plan to push forward the complete listing of major centrally-administered SOEs in 2011, requiring the listed SOEs to also list their non-core businesses.
The shares are now down 3.3% at $2.34, roughly in-line with Tuesday’s close (Wednesday Cosco’s shares rose 3.9% in higher-than-average volume to $2.42 on the speculation), with orderbook quotes showing strong buying interest at $2.33.
