COSCO Shipping Holdings Co Ltd stated on Monday it has actually consented to acquire port possessions from its moms and dad for an accumulated 19.7 billion yuan ($ 2.7 billion) as it intends to construct a worldwide electronic supply chain for its clients.
The Chinese delivery team stated it would certainly acquire 14.9% of Shanghai International Port (Group) from its indirect managing moms and dad China COSCO Shipping Corp Ltd for 18.9 billion yuan, and also a 3.2% risk in Guangzhou Port for 778.7 million yuan.
COSCO Shipping Holdings likewise stated it had actually participated in delivery agreements with China COSCO Shipping’s Dalian COSCO KHI Ship Engineering to construct 5 vessels for an overall of $1.2 billion.
Its system Orient Overseas (International) Ltd has actually participated in shipbuilding agreements with Nantong COSCO KHI Ship Engineering to construct 7 vessels for a complete $1.7 billion.
Last week, the German closet enabled COSCO to acquire a risk in an incurable in the nation’s biggest port in Hamburg, yet the accepted financial investment is much less than the at first intended 35% risk that the Chinese delivery titan and also HHLA had actually gone for.
($ 1 = 7.2499 Chinese yuan renminbi)
(Reuters/Reporting by Donny Kwok; Editing by Kim Coghill)
