Orient set to retain HQ, listing in HK

New owner COSCO to operate shippers as two brands under one group

Hong Kong's No 1 container carrier Orient Overseas (International) Limited will retain its listing status and Hong Kong headquarters as it joins a two-brands-under-one group model following its acquisition by COSCO Shipping Holdings, the company announced on Monday.

COSCO, the biggest shipping company on the Chinese mainland, announced a month ago it was offering HK$49 billion ($6.27 billion) to buy OOIL, which was founded by former special administrative region chief executive Tung Cheehwa's family in 1969. The purchase will create the world's third-largest shipping line with more than 2.9 million standard containers and 400 vessels, surpassing French container, transport and shipping company CMA CGM Group.