---
title: "CN LOGISTICS completes CS ocean freight transaction"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/213006609.md"
description: "CN LOGISTICS announced the completion of the CS maritime transaction, with DP World becoming the new controlling shareholder. According to the share purchase agreement on April 8th, DP World holds approximately 174 million shares through CS maritime and CS logistics, accounting for about 57.9% of the total share capital of the company. After the transaction, Liu Shiyu will continue to serve as the chairman and executive director of the company. This transaction involves restructuring, with DP World becoming a direct shareholder of the company and obtaining an exemption from making a comprehensive tender offer for the shares"
datetime: "2024-08-30T08:50:04.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/213006609.md)
  - [en](https://longbridge.com/en/news/213006609.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/213006609.md)
---

# CN LOGISTICS completes CS ocean freight transaction

According to the news from Zhitong Finance and Economics APP, CN LOGISTICS (02130) announced that the board of directors was informed by CS Logistics that on August 30, 2024, the CS Shipping transaction has been completed in accordance with the terms and conditions of the share purchase agreement dated April 8, 2024 between CS Holdings and DP World Logistics FZE ("DP World"). Following the completion of the CS Shipping transaction, CS Holdings, Cargo Services Group Ltd., Baichangtai Limited, Liya Shipping Limited, Ms. Cynthia Lau, and Mr. Liu Shiyou ("Mr. Liu") are no longer the controlling shareholders of the company.

After the completion of the CS Shipping transaction, Mr. Liu is to remain as the Chairman and Executive Director of the company.

Following the completion of the CS Shipping transaction, DP World indirectly holds approximately 174 million shares (equivalent to 57.9% of the company's total issued share capital as of the date of this announcement) through CS Shipping and CS Logistics, becoming the new controlling shareholder of the company.

The board of directors further informed that following the completion of the CS Shipping transaction, DP World will facilitate the transfer of all 173,845,222 shares currently held by CS Shipping and CS Logistics to DP World ("Restructuring"). Upon completion of the restructuring, DP World will become a direct shareholder of the company.

In accordance with Rule 26.1, Note 6(a) of the Takeovers Code, an exemption has been granted to DP World to exempt it from the obligation to make a mandatory offer for the shares due to the restructuring

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