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COSCO International buys CITC for $161m

Beijing: COSCO International Holdings has agreed to acquire from China Marine Bunker (Petro China) Co., Ltd. (Chimbusco) 100% equity interest in COSCO International Trading Company Limited (CITC) at a consideration of RMB142 million (approximately $161.454 million). CITC owns 40% equity interest in COSCO International Ship Trading Company Limited. Upon completion, COSCO International's stake in COSCO International Ship Trading will increase to 100%.

CITC is one of the trading platforms of Chimbusco and its principal activities include trading of asphalt and chemicals as well as trading of various ship equipment and accessories.  [24/7/08]


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