Evergreen Offloads SINOPACIFIC Stake
Evergreen Holding Group (Evergreen) has entered into an agreement with investment holding company CIMC Enric Holding LTD. on the sale of Evergreen’s shares in Sinopacific Offshore and Engineering Co. Ltd (SOE).
Under the deal, Sinopacific Shipbuilding Group (SINOPACIFIC), a subsidiary company of Evergreen, will transfer its shareholding of 29.95% in SOE to CIMC Enric. After the completion of this transaction, CIMC Enric will become the controlling shareholder of SOE, while Evergreen will maintain its 36.69% in SOE and lead the company’s current operations.
SOE’s main area of expertise is gas, providing fully integrated solutions from tanks and handling systems to complete vessel construction. The company provides complete design and construction services for gas tanks, systems and vessels.
Evergreen said that it had been in discussions recently with several listed companies for a solid cooperation in order to drive the company further forwards both in terms of industrial and capital operations.
According to Evergreen, the platform provided by CIMC Enric as a listed company will connect SOE and the capital markets, which will provide increased financial support for SOE’s rapid development.
“The advanced design and production capability of SOE in C-tanks, small and medium size gas carriers and LNG will enlarge the industrial chain for CIMC Enric and enable it to become a comprehensive service provider in the gas purification, liquidation, storage and transportation sectors. With the additional resources provided by CIMC Enric, SOE will be in a strong position to enhance its overall competitiveness and its transformation into an EPC solution provider whilst maintaining the advantage of engineering and construction,” Evergreen said commenting on the sale.