Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

CSDC to boost stake in CS Haisheng, make it a subsidiary

CSDC to boost stake in CS Haisheng, make it a subsidiary
China Shipping Development Company (CSDC) is boosting its stake in marine services company CS Haisheng to 51%, which will in turn make it a subsidiary of the company, it said in a stock market announcement.

CSDC already owns an 8% stake in CS Haisheng, and is buying an additional 43% stake for approximately RMB258.1 m ($38.8m).

CS Haisheng is principally involved in the trading of petrochemical products, construction materials, vessel components, petroleum machinery, automobile components and electronic components, domestic coastal oil transportation, international dangerous goods transportation, agency services for domestic and internal cargos, vessel leasing and transportation business consultation services.

CSDC said that that the acquisition of the additional would enhance its position and control in the maritime oil transportation market, further consolidate the long-term strategic cooperation between the company and CNOOC, which owns the remaining stake in CS Haisheng, which is conducive to a sustainable strategic development of the group.

The group would also be able to enjoy the benefits of consolidating the financial results of the acquisition in its financial statements, CSDC added.