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China Ocean Shipbuilding widens involvement in car parking business

China Ocean Shipbuilding widens involvement in car parking business
China Ocean Shipbuilding Industry Group (Cosig) has widened its involvement in the car parking business by entering into a new strategic cooperation agreement with two Chinese firms, building on from an earlier acquisition deal to first enter the car parking industry.

Hong Kong-listed Cosig announced it has entered into a non legal-binding strategic cooperation agreement with Zhongan Anchan Technology Development, wholly-owned by a state-owned enterprise.

The shipbuilder will establish a joint venture with Zhongan Anchan to invest in, construct, and operate public car parks, as well as the construction and management of intelligent parking lots.

Cosig also entered into similar agreement with China Safety Industry Association (CSII), a national industrial association, to provide the latter with business training services in relation to the construction, operation, utilisation and maintenance of intelligent car parks and recharging facilities for electric automobiles.

Cosig will also assist CSII to formulate relevant national standards for the safety production of intelligent parking system and equipment as well as the management, operation and maintenance of intelligent car parks.

The latest agreements followed an earlier deal in October where Cosig announced a plan to invest up to $58m to acquire an investment firm which owns Shandong Ruitong (Hong Kong) Parking Management Services Company.

Shipbuilder Cosig, which also does securities trading and provides financial services, said the move into automotive parking management service business is a diversification move for the company, in view of the sluggish state of the global shipping industry.

Commenting on the latest agreements, Cosig said they will “facilitate the rapid development of the intelligent automotive parking equipment business to be carried out by the group, which will be beneficial to the group and the shareholders of the company as a whole.”