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CSCL to buy remaining stakes in China Shipping subsidiaries

CSCL to buy remaining stakes in China Shipping subsidiaries

Shanghai: China Shipping Container Lines (CSCL) has announced that it is to spend 41.40m yuan ($5.5m) to purchase the remaining shares in a number of subsidiaries currently co-owned by its parent firm China Shipping.

CSCL will acquire 60% of China Shipping (CS) Container Lines Hainan as well as 10% each in CS Xiamen Company, CS Dalian Company, CS Guanghzou Company, CS Qingdao Company, CS Shanghai Company, CS Shenzhen Company, CS Tianjin Company and CS Haikou Company. Upon completion of these transactions, the liner giant will be the sole owner of the companies.

In a statement to the press, CSCL said that the acquisitions are meant to streamline the shareholding structure of the group, strengthen the management, unify the operations, coordinate the development and regulate the operation of the units.  [16/10/07