COSCO Group (03377): COSCO Holdings' liquidity constraints have not abated, and COSCO Holdings will actively raise capital during the grace period

Zhitong Finance App News, Ocean Group (03377) issued an announcement relating to certain bonds issued by Beijing Ocean Holding Group Co., Ltd. (previously known as Ocean Holding Group (China) Co., Ltd., COSCO Holdings), a wholly-owned subsidiary of the Company.

In April 2025, COSCO Holdings held the first bondholders' meeting in 2025 to publicly issue corporate bonds (for professional investors) by Beijing COSCO Holdings Group Co., Ltd. in 2021 to review and pass the “Proposal on Adjusting the “H21 Ocean 1” Principal and Interest Payment Arrangements (hereinafter referred to as the “Extension Proposal”). According to the “Extension Bill” and its resolution, Ocean Holdings shall pay 0.3% of the remaining principal amount of the current bond within 30 trading days after the “Extension Bill” is passed. At the same time, “H21 Ocean 1” has a grace period of 30 consecutive trading days for principal and interest payments. If Ocean Holdings completes full payment or is exempted from the bondholders' meeting within the grace period, it will not constitute a default on the relevant bonds. In order to avoid doubts, no penalty interest will be charged during the grace period, and no additional penalties, overdue interest, etc. will be set or accrued.

As of the date of issuance of this announcement, COSCO Holdings' liquidity constraints have not abated. COSCO Holdings will actively raise funds during the grace period to properly resolve related debt issues and effectively protect investors' rights and interests. The details will be announced separately.