Shanghai: China Shipping Container Lines (CSCL) had announced a preliminary decision to acquire China Shipping Terminal Development Co from CSCL's parent group, reports Reuters.
The decision is in line with CSCL's plan, announced at the time of its Shanghai initial public offer in December, to use about 2bn yuan ($280m) of the IPO proceeds to buy assets related to its core business, the company said.
Details of the deal are yet to be worked out. China Shipping Terminal Development, which designs and invests in terminals, had core operating income of 468m yuan last year. [14/03/08]
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