According to the Zhitong Finance App, Intercontinental Shipping (02409) announced that the company has recently discussed with Cetus Maritime Holdings Limited (an exempted limited company incorporated under the laws of the Cayman Islands) (potential buyer) on the potential sale of some of the company's ship-owning subsidiaries.
Based on discussions relating to a potential sale, the Company and the potential buyer are negotiating a transaction involving (among others) the potential buyer's interest in 13 ships (intercontinental ships). The transaction structure being discussed with potential buyers may involve the acquisition of several of the Company's ship-owning subsidiaries, which hold interests in intercontinental vessels.
According to the information currently available to the Company, if the potential sale is carried out, it is expected that it will constitute a major transaction for the Company under Chapter 14 of the Hong Kong Stock Exchange Limited Securities Listing Rules.
According to discussions on the potential sale, the total cost payable from the potential sale will be determined by reference to the net valuation of the intercontinental ship and will be paid as follows: (a) part of the cost (currently recommended 30% of the total cost) will be paid in cash; and (b) the remaining balance of the price (currently proposed to be 70% of the total cost) will be settled by allocating and issuing common shares immediately before the prospective buyer (or its affiliates) plans to conduct an initial public sale, as the potential buyer is seeking listing on overseas stock exchanges, and the number of shares will be settled by the contracting parties with reference to each contracting party the respective fleets to be agreed upon and Calculation of the net asset value of an entity. As of the date of this announcement, no final or legally binding agreement has been concluded with respect to the potential sale.