Orient Overseas (International) Limited
Orient Overseas (International) Limited (OOIL) is a Hong Kong, China based investment holding company involved in international transportation and logistics, and property investment and property development. It is the parent company of Orient Overseas Container Line (OOCL), one of the world's largest container shipping companies. History Orient Overseas Founder of Orient Overseas, Tung Chao-yung, operated the first all-Chinese crewed ship between Hong Kong and Europe and the east coast of the United States in 1947. However, Tung Chao-yung already established his Hong Kong operation in 1937. He was the vice-president of Shipowners Association in Tianjin at that time. Tung Chao-yung then named the company Orient Overseas Line. In 1969, the business was renamed as Orient Overseas Container Line. The holding company of the group, Orient Overseas Container (Holdings) Limited, was incorporated on 27 February 1973. It was a listed company in Hong Kong, and Kam Ngan stock exchanges since May 1973. These exchanges were merged in 1986. Jardine Matheson was a minority shareholder of the listed company. In 1973, Orient Overseas Line purchased passenger liner SS President Cleveland and renamed Oriental President. In 1974, Orient Overseas Container (Holdings) acquired a bulk freighter company from the Tung family's C.Y. Tung Group, for HK$43 million. In 1976, the listed company acquired additional assets from the Tung family, including two container ships and 33% shares of another container shipping company, Dart Container Service. In 1980, Orient Overseas Container (Holdings) acquired a British shipping company, Furness, Withy & Co. Shortly before the death of Tung Chao-yung in 1982, Tung Chee-hwa, his eldest son, succeeded to be the chairman of Orient Overseas. In 1983, Orient Overseas Container (Holdings) Limited, was renamed to Orient Overseas (Holdings) Limited. In February 1986, Orient Overseas (Holdings) Limited submitted a plan to the creditors for re-structuring the group of companies, including the formation of a new business unit centered on Orient Overseas Container Line Limited. In October, Crédit Commercial de France cancelled the application to the court on liquidate Orient Overseas. Orient Overseas was suspended in the Stock Exchange of Hong Kong (SEHK) due to its financial problem, which the suspension was lifted in February 1987. In the same year, Orient Overseas announced to consider to close down the oil drilling business unit. In November, the group announced to sell some subsidiaries of group, such as Kuwait Hong Kong General Insurance and others companies. The insurance and oil drilling businesses were acquired by China Merchants Group. In May 1988, Orient Overseas acquired additional stakes in the Terminal No. 2, 4 and 6 of Kwai Tsing Container Terminals from Hongkong International Terminals Limited. Orient Overseas (International) Limited Orient Overseas (International) Limited (OOIL), was incorporated in Bermuda on 29 July 1986. Some time later, it became the new holding company of the group. OOIL became a listed company on 31 July 1992. 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. Orient Overseas