Mr. Liu Hanbo

Liu Hanbo,Vice Managing Director of COSCO Dalian

Mr. Li Jianhong, Senior Vice President of COSCO Group, Mr. Zhou Liancheng, Vice President of COSCO Hong Kong, Mr. Liu Hanbo, Vice President of COSCO Hong Kong and Managing Director of COSCO International, Mr. Morten Fon, Vice President of Jotun, Mr. Esben Hersve, Vice President Jotun, and guests from related parties also attended the ceremony.

Mr. Liu Hanbo, Managing Director of COSCO International, commented on the transaction, "COSCO International has continued to adjust its assets structure and dispose of its non-core businesses in recent years.

Liu HanBo, vice president of COSCO (Hong Kong) Group Ltd., one of the largest subsidiaries of the China Ocean Shipping Co. group, has taken the additional role of managing director of COSCO International Holdings Ltd.

"The disposal of Henan power plant investment interests is one of the significant strategic moves to optimize our assets structure and readjust non-core businesses," managing director Liu Hanbo said Sunday.

He added that the company hopes to strengthen its image as a ship trading and services provider.

Speaking after a special general meeting Thursday, managing director Liu Hanbo said the firm's mainland property projects are "stable and healthy" and it "could not rule out a separate listing at a suitable time."
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Meanwhile, Liu said Cosco International is still following plans set out in 2002 to build up its other major businesses - ship trading and supply services.

Liu said the company had cash in hand of HK$500 million, but "at this moment we do not have any plans for investment."

In 2003, it bought stakes in two paint manufacturers from its parent company and last year it also bought the insurance arm of its parent.

Liu expects the market for painting containers and ships to grow 6 percent in 2005.

The paint business contributed 53 percent of profits in the company's last interim results, compared to 34 per cent from property development.

Although raw material prices rose last year and may rise further this year, Liu does not expect this to unduly affect the company's paint prices.

Cosco International Holdings' power plants in Henan province fell into red in the first quarter from a year ago amid 40 percent jump in coal prices, the company's managing director Liu Hanbo said Thursday.

The Meeting was commenced at 10:00am and chaired by Mr. Liu Hanbo, Vice-President of COSCO Hong Kong and Managing Director of COSCO International.