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China Shipping Group sells CS Haisheng to healthcare firm

China Shipping Group sells CS Haisheng to healthcare firm
China Shipping Group (CSG) has agreed to sell its majority stake in its subsidiary China Shipping Haisheng (CS Haisheng) to a healthcare group Lanhai Shangshou.

The deal involved CSG disposing of 82m shares in dry bulk shipowner CS Haisheng, representing 14.11% of CS Haisheng’s share capital. CSG has also pocketed around RMB1.03bn ($166.05m) from the sale.

Shanghai-based Lanhai Shangshou will become the controlling shareholder of the shipowner with CSG being the second largest shareholder with 13.28% stake.

Upon the completion of the deal, the state-owned CS Haisheng will be converted into a privately-owned firm.

Lanhai Shangshou is a joint venture firm established by Lanhai Group and Shanghai China Life Insurance in May 2015. The joint venture is a provider of medical technology and medical equipment.