November 3 - Beijing, China-based Cosco Shipping has made a voluntary conditional cash offer to acquire the Singapore-based logistics firm Cogent Holdings.

The Bank of China, which made the offer on behalf of Cosco, issued a statement in which it said the offer was for all of Cogent's ordinary shares.

The total offer value is USD488.07 million, equating to USD1.02 per share.

Describing the rationale behind the offer, Cosco said it has a well established logistics business network throughout China and its aim would be to leverage the new business platform to develop opportunities in the logistics sector in Southeast Asia, taking advantage of China's Belt and Road Initiative.