SINGAPORE (Nov 7): DBS Group Research is keeping its “hold” call on Cosco Shipping International (Singapore) but raising its target price to 33 cents, from 27 cents previously, in view of better clarity on its new core business ahead.
This comes after Cosco tabled its bid to foray into the logistics business via a takeover offer to acquire SGX-listed shipping logistic services provider Cogent Holdings.
Cosco last week announced it has made a voluntary conditional cash offer to acquire all the issued ordinary shares of Cogent at an offer price of $1.02 each, for a total of $488.07 million.
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