COSCO Shipping Energy Transportation (01138) plans to acquire a property in Haizhu District, Guangzhou for 124 million yuan.

COSCO Shipping Energy Transportation (01138) announced that on November 14, 2024, the company entered into a purchase agreement with the seller, Guangzhou Hailong Property Co., Ltd., under which the seller agreed to sell and the company agreed to acquire the target property for a total consideration of RMB 124 million (including tax). It is reported that the target property is located at Room 1701, 17th Floor, Guangzhou International Shipping Building, No. 8 Yuanhai Street, Haizhu District, Guangzhou, China, with a measured construction area of approximately 2374 square meters. The intended use of the target property is for office space. The target property has not generated any income or profits before. There are no mortgages, restrictions, arbitration matters, seizures, freezes, or other judicial measures affecting the transfer of ownership of the target property. The announcement stated that the purchased office space is located in the Internet innovation cluster area of Pazhou, Haizhu District, Guangzhou, China, with prime location, excellent building quality, and convenient transportation. The Guangzhou Center is the regional center for the company's operations in South China, responsible for coordinating customer marketing, market development, and business expansion in the South China region. It will also undertake functions such as ship owner training in the future. This transaction will help enhance the strategic layout of the company's Guangzhou Center, improve customer service levels, support the high-quality development of business in South China, and meet the service needs of crew members.