China Shipping Container Lines is likely to buy a port developer from its state-owned parent for RMB2.6 billion ($379 million), according to the China Securities Journal.
Its parent, China Shipping (Group) Company, was auctioning all of its stake in the port developer on the Shanghai United Assets and Equity Exchange, and the newspaper quoted analysts as saying China Shipping Container Lines was likely to win the bid.
The Shanghai-based port developer, China Shipping Terminal Development Co — the one that is being bought — is engaged in port investment and development, logistics, warehouse stocking and transportation.
China Shipping Container Lines had said it planned to use funds raised from its initial public offering to buy the port developer from its parent.
|
