The investment by CS Investment into China Bohai Bank followed the bank’s move to increase its capital by issuing and alloting around 4.98bn ordinary shares to its existing shareholders.
Upon completion of the transaction, CS Investment will hold approximately 13.17% equitt interest in the Chinese bank.
CS Investment is principally engaged in container manufacturing and financial investment in certain financial institutions, ports and shipping logistic companies. Its parent firm Cosco Shipping Development is in turn one of the main listed subsidiaries of shipping conglomerate China Cosco Shipping Corporation Limited (Cosco Shipping).
“The company considers China Bohai Bank as a valuable long term investment, which has good long term prospects and development potentials in the banking sector in the foreseeable future,” Cosco Shipping Development stated.
“The capital contribution will provide additional working capital and enhance the competitiveness of China Bohai Bank. It is also in line with the strategic planning and development of the group as an integrated financial services platform with leasing business,” it added.
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