Courage Marine to Get New Largest Shareholder

Bermuda-incorporated dry bulk shipping company Courage Marine has been notified by three of its substantial shareholders that they entered into a share transfer agreement with Success United Development.

The share transfer between Sea-Sea Marine, China Lion and Pilot Assets on one side, and Success United Development on the other, is expected to be completed by October 14, after which Success United Development will control 27.47% of the issued share capital of Courage Marine, and become the company’s largest shareholder.

Courage Marine also reported that Hsu Chih-Chien will resign as chairman and non-executive director, Wu Chao-Huan will resign as managing director and executive director and Chu Wen Yuan will resign as an independent non-executive director.

Sea-Sea Marine, China Lion and Pilot Assets shall procure the three new directors nominated by Success to be appointed as executive director and chairman of the board; executive director and chief executive officer of the company; and an independent non-executive director, all with effect from the date of the share completion.