COSCO Shipping Holdings Co Ltd said on Monday it has agreed to buy port assets from its parent for an aggregate 19.7 billion yuan ($2.7 billion) as it aims to build a global digital supply chain for its customers
COSCO Shipping Holdings Co Ltd said on Monday it has agreed to buy port assets from its parent for an aggregate 19.7 billion yuan ($2.7 billion) as it aims to build a global digital supply chain for its customers.
The Chinese shipping group said it would buy 14.9% of Shanghai International Port (Group) from its indirect controlling parent China COSCO Shipping Corp Ltd for 18.9 billion yuan, and a 3.2% stake in Guangzhou Port for 778.7 million yuan.
COSCO Shipping Holdings also said it had entered into shipping contracts with China COSCO Shipping’s Dalian COSCO KHI Ship Engineering to build five vessels for a total of $1.2 billion.
Its unit Orient Overseas (International) Ltd has entered into ship building contracts with Nantong COSCO KHI Ship Engineering to build seven vessels for a total $1.7 billion.
Last week, the German cabinet allowed COSCO to buy a stake in a terminal in the country’s largest port in Hamburg, but the approved investment is less than the initially planned 35% stake that the Chinese shipping giant and HHLA had aimed for. ($1 = 7.2499 Chinese yuan renminbi) (Reporting by Donny Kwok; Editing by Kim Coghill)