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China Shipping shuffles terminal division to its container arm

China Shipping shuffles terminal division to its container arm

Shanghai:  Central government-controlled China Shipping (Group) Co said it plans to auction its entire 100 pct holding in China Shipping Terminal Development Co Ltd, setting a floor price of 2.6bn yuan. The so called auction though really has just one buyer in mind, Hong Kong listed China Shipping Container Lines. CSCL made clear its intentions to snap up the group unit back in March.
Shanghai-based China Shipping Terminal Development, which has registered capital of 2.04bn yuan, booked net profit of 10.7m yuan in 2007.  [8/7/08]


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