On November 1, COSCO SHIPPING International (Hong Kong) Co., Ltd. [hereafter referred to as COSCO Shipping International (Hong Kong)] and Jotun A/S held a ceremony to renew the shareholder agreement on the joint venture — Jotun COSCO Marine Coatings (Hong Kong) Co., Ltd. at the headquarter of China COSCO Shipping Group. COSCO SHIPPING International (Hong Kong) Co., Ltd. and Jotun A/S hold 50% of equity in the joint venture respectively.

Mr. Xu Lirong, Chairman of China COSCO Shipping Group and Mr. Torbjørn Røe Isaksen, Norwegian Minister of Trade and Industry, met shareholders of both parties and reviewed the history of the friendships and enterprise cooperation between China and Norway and fully affirmed the joint venture and cooperation between China COSCO Shipping Group and Jotun A/S. They both agreed that it is an excellent example of combining energetic enterprises in both countries to achieve a win-win situation for both parties. With full support of China COSCO Shipping Group and Jotun A/S, the joint venture is expected to further develop and consolidate the leading position in the market with advanced technology, stable product quality and superior services.

Mr. Liu Gang, Executive Director and Managing Director of COSCO SHIPPING International (Hong Kong) and Mr. Morten Fon, CEO of Jotun A/S, signed the agreement on behalf of both parties. Chairman Xu Lirong, Mr. Zhu Jianhui, Director and President of COSCO SHIPPING International (Hong Kong), Minister Torbjørn Røe Isaksen and Mrs. Signe Brudeset, Norway’s Ambassador to China, witnessed the signing ceremony.

The renewal of the Shareholder Agreement shows that China COSCO Shipping Group and Jotun A/S will seek to promote their cooperation comprehensively to empower the joint venture to stay ahead and create good returns for shareholders.

Norwegian consul general in Shanghai and his entourages, relevant leaders of China COSCO Shipping Group and management of Jotun COSCO Marine Coatings participated the signing ceremony.

JCMC Marketing
Chen Jing