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CMIC Ocean En-Tech Holding Co ( (HK:0206) ) just unveiled an announcement.
CM Energy Tech Co., Ltd. has agreed to acquire a diving support construction vessel for USD110 million from a wholly owned subsidiary of its controlling shareholder, CM Shipbuilding Industry. The vessel is currently on bareboat charter to group subsidiary TSC Offshore, which has time-chartered it to an independent third party, and these charter arrangements will remain in place after the acquisition, helping secure continuity of offshore service operations.
Because the seller is a connected person and the deal size exceeds certain thresholds, the transaction is classified as a major and connected transaction under Hong Kong listing rules and requires independent shareholders’ approval. An independent board committee and an independent financial adviser have been appointed to review the deal, while interested parties, including CM Shipbuilding Industry and its associates, will abstain from voting at the forthcoming extraordinary general meeting.
More about CMIC Ocean En-Tech Holding Co
CM Energy Tech Co., Ltd. is a Hong Kong–listed company in the offshore energy and marine services sector, providing vessel-based solutions such as diving support and construction services. The group operates through subsidiaries including TSC Offshore, serving offshore engineering customers under chartering arrangements and focusing on specialized construction vessels for subsea operations.
Average Trading Volume: 2,864,265
Technical Sentiment Signal: Buy
Current Market Cap: HK$1.32B
See more data about 0206 stock on TipRanks’ Stock Analysis page.