Orient Overseas (International) Limited
Orient Overseas (International) Limited (OOIL), was incorporated in Bermuda on 29 July 1986.[22] Some time later, it became the new holding company of the group. OOIL became a listed company on 31 July 1992.[23] OOIL's predecessor, Orient Overseas (Holdings) Limited (OOHL), ceased to become a listed company in the same year. Each OOHL's share is offered 1.08431411 shares of OOIL in exchange.[24] Orient Overseas (Holdings) was deregistered and dissolved in 2005.[25]
The listed company also sold the stake in Furness Withy and the Kwai Tsing Container Terminals during its restructuring. The company paid dividend again in 1994, the first time since the restructuring.[26]
In 1996, Tung Chee-chen, Tung Chao-yung's younger son and Tung Chee-wah's younger brother, took over the chairman position of OOIL, since Tung Chee-wah's election as Chief Executive of Hong Kong.[5]
In 2006, Orient Overseas sold four container terminals to the Ontario Teachers' Pension Plan.[27]
In July 2017, OOIL received a US$6.3 billion take over bid from its Chinese rival, COSCO Shipping. The bid has been accepted by the Tung family, subject to shareholder and regulatory approval.[28][29] The takeover was completed in 2018.[5]
In April 2019, OOIL sold a container terminal in Long Beach to Macquarie Group for US$1.78 billion.[30]
In May 2019, Orient Overseas Associates (the holding company in the US) backed out of a deal to lease office space at Wall Street Plaza in New York to Amnesty International. This raised speculation that interference from mainland China-headquartered COSCO Shipping was involved, as denying leases is out-of-character for building owners.[31]
