Wei apologises to shareholders

2013-04-08

In a contrite mood, the chairman of China Cosco Holdings, among the most heavily critiscised stock listed companies of any state-owned enterprise in the nation in the last 12 months, has apologised to shareholders and urged them to hold faith in the shipping line.

“The recent two years of losses of China CoscoHoldings Co have hurt the interests of shareholders, and I owe them an apology. I hope shareholders could hang in there for a while, because I have confidence that Cosco will turn losses into gains in the future,” Wei Jiafu was quoted as saying on the sidelines of the Boao Forum for Asia.

With losses running into the billions of renminbi for two straight years the flagship dual listed Cosco entity risks a possible Shanghai delisting were it to report a third consecutive year in the red.

Source from Sino Ship News

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