Guotong Securities to receive 38.27 pct of Great Ocean as debt settlement

SHANGHAI (AFX-ASIA) - Shenzhen Great Ocean Shipping Co Ltd said Guotong Securities Co Ltd will receive a 38.27-pct stake in the company as settlement of debts owed by Shenzhen Shekou Great Ocean Shipping Co Ltd. Under a court ruling, Shekou Great Ocean Shipping is required to transfer 75.8 mln legal person shares in Shenzhen Great Ocean to Guotong Securities as settlement for debts owed to the Shekou branch of the China Merchants Bank. The legal person shares are valued at 0.4 yuan each. Guotong Securities will subsequently sell 59.4 mln of the shares to Shenzhen Dongou Industry Trading Co Ltd and sell 16.4 mln shares to Shenye Industry Trading Development Co Ltd at a price of 0.25 yuan per share. Following the debt settlement, Shekou Great Ocean Shipping will no longer hold any of Shenzhen Great Ocean's legal person shares. Shenzhen Great Ocean's B-shares last closed at 1.89 hkd.

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